Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)
Schedule 1 Running balance accounts, general interest charge and related matters
Part 1 Amendments
Income Tax Assessment Act 1936
131 Subsection 221AZP(1)
Omit “is liable to pay a penalty under this section in respect of an estimate lodged by the taxpayer for the current year”, substitute “who lodges an estimate for the current year is liable to pay the general interest charge on the amount in subsection (2)”.
Note: The heading to section 221AZP is altered by omitting “ Penalty applies ” and substituting “ Liability ”.
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