Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
Note: See section 3AA .
Chapter 4 - Generic assessment, collection and recovery rules
PART 4-25
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CHARGES AND PENALTIES
Division 280
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Shortfall interest charge
Guide to Division 280
SECTION 280-1
GUIDE TO DIVISION 280
The shortfall interest charge applies to shortfalls of income tax, petroleum resource rent tax, excess non-concessional contributions tax, Division 293 tax, diverted profits tax or Laminaria and Corallina decommissioning levy that are revealed when the Commissioner amends your assessment.
The charge is applied at a uniform rate that is lower than the general interest charge rate.
The Commissioner has a discretion to remit shortfall interest charge.
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