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-A - Object of Division  

SECTION 280-50   280-50   OBJECT OF DIVISION  


The object of this Division is to neutralise benefits that taxpayers could otherwise receive from shortfalls of income tax, *petroleum resource rent tax, *excess non-concessional contributions tax, *Division 293 tax or *diverted profits tax, so that they do not receive an advantage in the form of a free loan over those who assess correctly.



This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.