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

170   Subsection 221YDB(1AA)

Omit “additional tax, by way of penalty, in respect of the penalty period, is due and payable by the taxpayer to the Commissioner at the rate of 16% per annum”, substitute “the taxpayer is liable to pay, for each day in the GIC period, the general interest charge”.

Note: The heading to section 221YDB is altered by omitting “ Additional tax ” and substituting “ Liability ”.