Income Tax Assessment Act 1997



Division 418 - Exploration for minerals  

Subdivision 418-F - Excess exploration credits  

SECTION 418-170   418-170   General interest charge  


(a) *excess exploration credit tax or *shortfall interest charge payable by an entity remains unpaid after the time by which it is due and payable; and

(b) the Commissioner has not allocated the unpaid amount to an *RBA;

the entity is liable to pay the *general interest charge on the unpaid amount for each day in the period that:

(c) starts at the beginning of the day on which the excess exploration credit tax or shortfall interest charge was due to be paid; and

(d) 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 exploration credit tax or shortfall interest charge;

(ii) general interest charge on any of the excess exploration credit 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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