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

66   Subsection 170AA(5)

Repeal the subsection, substitute:

(5) If general interest charge (the primary general interest charge ) is payable by a taxpayer under subsection (1), (1A) or (3), the Commissioner may give a notice to the taxpayer specifying a date after which general interest charge will apply under subsection (5A). The specified date must be at least 30 days after the notice is given.

(5A) If the primary general interest charge remains unpaid after the day specified in the notice, the taxpayer is liable to pay general interest charge on the unpaid amount.

(5B) 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 specified in the notice; 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) primary general interest charge;

(ii) general interest charge on primary general interest charge.