Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
The *shortfall interest charge for a day is worked out by multiplying the rate worked out under subsection (2) for that day by the sum of these amounts: (a) the additional amount of income tax, *excess exploration credit tax, *petroleum resource rent tax, *excess non-concessional contributions tax or *Division 293 tax; and (b) the shortfall interest charge on that amount from previous days.
The rate is:
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
Subdivision 280-B
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Shortfall interest charge
SECTION 280-105
AMOUNT OF SHORTFALL INTEREST CHARGE
280-105(1)
The *shortfall interest charge for a day is worked out by multiplying the rate worked out under subsection (2) for that day by the sum of these amounts: (a) the additional amount of income tax, *excess exploration credit tax, *petroleum resource rent tax, *excess non-concessional contributions tax or *Division 293 tax; and (b) the shortfall interest charge on that amount from previous days.
280-105(2)
The rate is:
*Base interest rate
3 percentage
for the day + points Number of days in the calendar year |
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