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

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

Part 1   Amendments

Income Tax Assessment Act 1936

45   After section 163A

Insert:

163AA General interest charge on unpaid penalty

A person who fails to pay some or all of a penalty under section 163A by the time by which the penalty is due to be paid is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the day by which the penalty 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 penalty;

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

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