Taxation Administration Act 1953
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Chapter 4 - Generic assessment, collection and recovery rulesThe Commissioner may remit all or a part of an amount of *shortfall interest charge you are liable to pay if the Commissioner considers it fair and reasonable to do so.
Note: A Commissioner ' s Remedial Power modification is relevant to this part of the tax law. Taxation Administration (Remedial Power - Remission of Charges and Penalties) Determination 2023 (F2023L00956) modifies the operation of s 280-160(1) in Sch 1 to the Taxation Administration Act 1953 and any other provisions of a taxation law whose operation is affected by the modified operation of s 280-160(1) in Sch 1 .
The operation of the relevant provision is modified as follows:
For the purposes of s 370-5 in Sch 1 to the Taxation Administration Act 1953 , s 280-160(1) in Sch 1 to the Taxation Administration Act 1953 is modified to permit the Commissioner to remit the general interest charge, shortfall interest charge or an administrative penalty, as applicable:
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 in Sch 1 to the Taxation Administration Act 1953 to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
280-160(2)
Without limiting subsection (1) , in deciding whether to remit, the Commissioner must have regard to: (a) the principle that remission should not occur just because the benefit you received from the temporary use of the shortfall amount is less than the *shortfall interest charge; and (b) the principle that remission should occur where the circumstances justify the Commonwealth bearing part or all of the cost of delayed payments.
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