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

48   After subsection 163B(1)

Insert:

(1A) 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 return was required to be furnished; and

(b) finishes at the end of the day before the return is furnished, or the day before the Commissioner made the assessment, whichever is earlier.