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

251   At the end of section 221ZXG (after the note)

Add:

(2) The depositor is liable to pay the general interest charge for each day in the period that:

(a) started at the beginning of the day on which the repayment was made; and

(b) finishes at the end of the day before the making of the owner's assessment for the year of income in which the repayment is made.