Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Taxation (Unpaid Company Tax) Assessment Act 1982

375   Section 13

Repeal the section, substitute:

13 Late payment of tax

(1) If any of the recoupment tax which a person is liable to pay remains unpaid after the time by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount.

Note: The general interest charge is worked out under Division 1 of Part IIA of theTaxation Administration Act 1953.

(2) The person is liable to pay the general interest charge for each day in the period that:

(a) started at the beginning of the day by which the recoupment tax was due to be paid; and

(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the recoupment tax;

(ii) general interest charge on any of the recoupment tax.

(3) The amount of the general interest charge is taken to be additional tax payable under this section.

(4) In this section:

recoupment tax includes additional tax under Part VII of the Assessment Act as that Part applies for the purposes of this Act.