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

54   Subsections 170AA(1) and (1A)

Omit “interest to the Commissioner, calculated in accordance with subsection (4),” (wherever occurring), substitute “the general interest charge, for each day in the period in subsection (4),”.

Note: The heading to section 170AA is altered by omitting “ Payment of interest by ” and substituting “ Liability of ”.