Income Tax Assessment Act 1997



Division 294 - Transfer balance cap  

Subdivision 294-F - Excess transfer balance tax  

Operative provisions

SECTION 294-250   294-250   General interest charge  

If an amount of *assessed excess transfer balance tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the *general interest charge on the unpaid amount for each day in the period that:

(a) begins on the day on which the amount was due to be paid; and

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

(i) the assessed excess transfer balance tax;

(ii) general interest charge on any of the assessed excess transfer balance tax.

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


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