Taxation Administration Act 1953
PART IIB
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RUNNING BALANCE ACCOUNTS, APPLICATION OF PAYMENTS AND CREDITS, AND RELATED MATTERS
Division 2
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Running Balance Accounts (or RBAs)
SECTION 8AAZF
GENERAL INTEREST CHARGE ON RBA DEFICIT DEBT
8AAZF(1)
[Where deficit debt exists at end of day]
If there is an RBA deficit debt at the end of a day, then general interest charge is payable by the tax debtor on that RBA deficit debt for that day.
8AAZF(2)
[General interest charge amount]
The balance of the RBA is altered in the Commissioner's favour by the amount of the general interest charge payable.
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