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

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

Part 1   Amendments

Termination Payments Tax (Assessment and Collection) Act 1997

378   Section 13

Repeal the section, substitute:

13 Payment of general interest charge if liability increased by amended assessment

Liability to pay general interest charge

(1) If an amendment of an assessment increasing a taxpayer's liability to pay surcharge for a financial year is made, the taxpayer is liable to pay the general interest charge on the amount of the increase 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 amended assessment is made.

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

Amendment of nil assessment

(2) If:

(a) the Commissioner has calculated that no surcharge is payable by a taxpayer for a financial year; and

(b) the Commissioner afterwards makes an assessment of surcharge payable by the taxpayer for the financial year;

that assessment is taken to be an amended assessment.