Taxation Administration Act 1953

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

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-R - Special rules for consolidated groups  

Operative provisions

SECTION 45-875   OTHER RULES ABOUT THE GENERAL INTEREST CHARGE  

45-875(1)  
The *general interest charge under section 45-870 for an *instalment quarter in an income year is payable by the *head company for each day in the period that:


(a) started at the beginning of the day by which the instalment for that quarter was due to be paid; and


(b) finishes at the end of the day on which the head company ' s assessed tax for that income year is due to be paid.

45-875(2)  
The Commissioner must give the *head company written notice of the *general interest charge. The head company must pay the charge within 14 days after the notice is given to the head company.

45-875(3)  
If any of the *general interest charge remains unpaid at the end of the 14 days, the *head company is also liable to pay the general interest charge on the unpaid amount for each day in the period that:


(a) starts at the end of those 14 days; and


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


(i) the unpaid amount;

(ii) general interest charge on the unpaid amount.

45-875(4)  
The Commissioner may, if he or she is satisfied that because special circumstances exist it would be fair and reasonable to do so, remit the whole or any part of any *general interest charge payable under section 45-870 .


 

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