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

169   After subsection 221YDB(1AAA)

Insert:

(1AAB) A taxpayer that is liable to pay the general interest charge under subsection (1) or (1AAA) is liable to pay the charge for each day in the period that:

(a) started at the beginning of the day by which the provisional tax payable in respect of the estimated taxable income was due to be paid; and

(b) finishes at the end of the day by which the tax payable in respect of the taxable income is due to be paid.