INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
A taxpayer who lodges an estimate for the current year is liable to pay the general interest charge on the amount in subsection (2) if the estimated amount turns out to be more than 10% below the base amount. The base amount is the lesser of the following amounts:
(a) the likely tax for the current year, immediately before the taxpayer lodged its first or only estimate for the current year;
(b) the tax payable by the taxpayer for the current year, reduced by the following amounts:
(i) credits under subsection 98A(2) , Division 18 of Part III or Division 1AA or 3A of this Part, or under the International Tax Agreements Act 1953 ;
(ii) offsets under section 160AQK .
The taxpayer is liable to pay the general interest charge on the amount that is the difference between the estimated amount and the base amount.
(a) started at the beginning of the later of the following dates:
(i) the date on which the taxpayer lodged the estimate;
(ii) the earliest date on which the taxpayer would have had to pay an instalment for the current year if the estimate had not been lodged; and
(b) finishes at the end of the earlier of the following dates:
(i) the date on which the taxpayer lodges another estimate for the current year;
(ii) the due date for the last instalment.
(Repealed by No 11 of 1999)
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