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

46   Subsection 163B(1)

Omit all the words after paragraph (c), substitute:

the person is liable to pay the general interest charge on the amount in subsection (2) and the amount of the charge is taken to be additional tax payable under this section.

Note: The heading to section 163B is altered by omitting “ Late lodgement penalty - additional tax for ” and substituting “ Late lodgment of returns by ”.