Income Tax Assessment Act 1997
Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Div 294 inserted by No 81 of 2016, s 3 and Sch 1 item 4, effective 1 January 2017. For application provision, see Subdiv 294-A of Income Tax (Transitional Provisions) Act 1997 .
Subdiv 294-F inserted by No 81 of 2016, s 3 and Sch 1 item 4, effective 1 January 2017. For application provision, see Subdiv 294-A of Income Tax (Transitional Provisions) Act 1997 .
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 .
S 294-250 inserted by No 81 of 2016, s 3 and Sch 1 item 4, effective 1 January 2017. For application provision, see Subdiv 294-A of Income Tax (Transitional Provisions) Act 1997 .
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