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

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

Part 1   Amendments

Fringe Benefits Tax Assessment Act 1986

8   Subsection 112(4)

Omit “additional tax, by way of penalty, in respect of the penalty period, is due and payable by the employer to the Commissioner at the rate of 16% per annum”, substitute “the employer is liable to pay, for each day in the GIC period, the general interest charge”.