Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Superannuation Contributions Tax (Assessment and Collection) Act 1997

313   Section 22

Repeal the section, substitute:

22 Payment of general interest charge if surcharge payable under a further assessment

If, under an assessment (the new assessment ) made under subsection 15(1) because of subsection 20(3), a person is liable to pay an amount of surcharge for a financial year, the person is liable to pay the general interest charge on that amount for each day in the period that:

(a) started at the beginning of 15 June in the financial year; and

(b) finishes at the end of the day before the new assessment is made.

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