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

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

Part 1   Amendments

Termination Payments Tax (Assessment and Collection) Act 1997

380   Subsections 16(1) to (3A)

Repeal the subsections, substitute:

Liability to pay general interest charge

(1) If an amount of surcharge payable by a taxpayer remains unpaid after the time by which it is due to be paid, the taxpayer 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.

General interest charge period

(2) The taxpayer 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 surcharge 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 surcharge;

(ii) general interest charge on any of the surcharge.