Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
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, *diverted profits tax or *Laminaria and Corallina decommissioning levy, so that they do not receive an advantage in the form of a free loan over those who assess correctly.
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-A
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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, *diverted profits tax or *Laminaria and Corallina decommissioning levy, so that they do not receive an advantage in the form of a free loan over those who assess correctly.
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