INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 418 - Exploration for minerals  

Subdivision 418-F - Excess exploration credits  

SECTION 418-170   418-170   General interest charge  


If:


(a) *excess exploration credit tax or *shortfall interest charge payable by an entity remains unpaid after the time by which it is due and payable; and


(b) the Commissioner has not allocated the unpaid amount to an *RBA;

the entity is liable to pay the *general interest charge on the unpaid amount for each day in the period that:


(c) starts at the beginning of the day on which the excess exploration credit tax or shortfall interest charge was due to be paid; and


(d) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:


(i) the excess exploration credit tax or shortfall interest charge;

(ii) general interest charge on any of the excess exploration credit tax or shortfall interest charge.
Note:

The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .


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