Income Tax Assessment Act 1997



Division 418 - Exploration for minerals  

Subdivision 418-F - Excess exploration credits  

SECTION 418-165   418-165   When shortfall interest charge is payable  

An amount of *shortfall interest charge that an entity is liable to pay is due and payable 21 days after the day on which the Commissioner gives the entity notice of the charge.

Shortfall interest charge is imposed if the Commissioner amends an assessment and the amended assessment results in an increase in some tax payable. For provisions about liability for shortfall interest charge, see Division 280 in Schedule 1 to the Taxation Administration Act 1953 .


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