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

255   Subsections 222AJA(3), (4) and (5)

Repeal the subsections, substitute:

(3) The person is also liable to pay the general interest charge on the unpaid amount of the estimate for each day in the period that:

(a) started at the beginning of the day by which the estimate was due to be paid; and

(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the estimate;

(ii) general interest charge on any of the estimate.

Note: The general interest charge is worked out under Division 1 of Part IIA of theTaxation Administration Act 1953.

Note: The heading to section 222AJA is altered by omitting “ penalty ” and substituting “ the general interest charge ”.