Petroleum Resource Rent Tax Assessment Act 1987
A person is liable to pay the general interest charge on any amount of any of the following that remains unpaid after the time by which payment is due:
(a) tax the person is liable to pay;
(b) shortfall interest charge the person is liable to pay in relation to tax;
(c) instalment transfer interest charge the person is liable to pay in relation to an instalment of tax.
Note:
The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .
Hide history note
View history noteS 85 (note) amended by No 101 of 2006 , s 3 and Sch 2 item 1043, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and saving provisions see the CCH Australian Income Tax Legislation archive .
S 85(1) substituted by No 78 of 2006, s 3 and Sch 4 item 12, applicable only in relation to returns and assessments of tax, and instalments of tax, under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006. S 85(1) formerly read:
85(1)
If any of the tax which a person is liable to pay remains unpaid after the time by which the tax is due to be paid, the person is liable to pay the general interest charge on the unpaid amount.Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .
85(2)
The person is liable to pay the general interest charge for each day in the period that:
(a) started at the beginning of the day by which the tax, shortfall interest charge or instalment transfer interest charge was due to be paid; 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 tax, shortfall interest charge or instalment transfer interest charge;
(ii) general interest charge on any of the tax, shortfall interest charge or instalment transfer interest charge.
S 85(2) amended by No 78 of 2006, s 3 and Sch 4 items 13 and 14, by inserting " , shortfall interest charge or instalment transfer interest charge " after " tax " in paras (a) and (b)(i) and (ii), applicable only in relation to returns and assessments of tax, and instalments of tax, under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006.
85(3)
(Repealed by No 78 of 2006)
S 85(3) repealed by No 78 of 2006, s 3 and Sch 4 item 15, S 85(3) formerly read:
85(3)
The amount of the general interest charge is taken to be additional tax payable under this section.
85(4)
(Repealed by No 78 of 2006)
S 85(4) repealed by No 78 of 2006, s 3 and Sch 4 item 15, applicable only in relation to returns and assessments of tax, and instalments of tax, under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006. S 85(4) formerly read:
85(4)
In this section:tax
includes additional tax under Part IX .
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