Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

Division 280 - Shortfall interest charge  

Subdivision 280-B - 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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