INCOME TAX ASSESSMENT ACT 1997
[ CCH Note: For transitional rules about the application of Division 292 and related provisions in the period from 10 May 2006 to 30 June 2007, see section 292-80 of the Income Tax (Transitional Provisions) Act 1997 .]
If *excess non-concessional contributions tax or *shortfall interest charge payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the *general interest charge on the unpaid amount for each day in the period that:
(a) starts at the beginning of the day on which the excess non-concessional contributions tax or shortfall interest charge was due to be paid; and
(b) 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 non-concessional contributions tax or shortfall interest charge;
(ii) general interest charge on any of the excess non-concessional contributions tax or shortfall interest charge.
The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .
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