Taxation Administration Act 1953

PART IIA - THE GENERAL INTEREST CHARGE  

SECTION 8AAC   AMOUNT OF THE GENERAL INTEREST CHARGE  

8AAC(1)   [Calculating the charge]  

The general interest charge for a day is worked out in accordance with this section.

8AAC(2)   [Charge payable on deficit on a running balance account]  

If the charge is payable under section 8AAZF on the RBA deficit at the end of that day, then the charge is worked out by multiplying the general interest charge rate for that day by the RBA deficit at the end of that day.

8AAC(3)   [Other original unpaid amounts]  

If the charge is not payable under section 8AAZF , but applies to an amount that remains unpaid (the original unpaid amount ), then the charge is worked out by multiplying the general interest charge rate for that day by the sum of so much of the following amounts as remains unpaid:


(a) the charge from previous days;


(b) the original unpaid amount.

8AAC(4)   [Other specified amounts]  

If the charge applies to an amount that is specified in the provision that imposes the charge, but neither subsection (2) nor (3) applies, then the charge is worked out by multiplying the general interest charge rate for that day by the sum of the following amounts:


(a) so much of the charge from previous days as remains unpaid;


(b) the specified amount.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.