Treasury Laws Amendment (Building a Stronger and Fairer Super System) Act 2026 (8 of 2026)

Schedule 1   Better targeted superannuation concessions

Taxation Administration Act 1953

87   After section 280-102B in Schedule 1

Insert:

280-102BA Liability to shortfall interest charge - Division 296 tax

(1) You are liable to pay *shortfall interest charge on an additional amount of *Division 296 tax that you are liable to pay because the Commissioner amends your assessment of an amount of Division 296 tax payable in relation to an income year.

(2) However, subsection (1) does not apply to the extent the additional amount of *Division 296 tax is *deferred to a Division 296 debt account for a *superannuation interest.

(3) The liability is for each day in the period:

(a) beginning on the day on which *Division 296 tax under your first assessment of Division 296 tax for that income year was due to be paid; and

(b) ending on the day before the day on which the Commissioner gave you notice of the amended assessment.

(4) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which *Division 296 tax under the earlier amended assessment was due to be paid.

Note 1: See section 5-10 of the Income Tax Assessment Act 1997 for when the amount of shortfall interest charge becomes due and payable.

Note 2: See Subdivision 296-C of that Act for when the amount of assessed Division 296 tax becomes due and payable. That Subdivision also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.