Petroleum Resource Rent Tax Assessment Act 1987

PART VIII - COLLECTION AND RECOVERY OF TAX  

Division 2 - Collection by instalments  

SECTION 98B   INSTALMENT TRANSFER INTEREST CHARGE - AMOUNT  

98B(1)    
The instalment transfer interest charge on an amount of instalment transfer excess, for a day in an instalment transfer charge period, is worked out by multiplying the rate worked out under subsection (2) by the sum of the following amounts:

(a) the instalment transfer tax; and

(b) the instalment transfer interest charge payable on the excess for the previous days in the instalment transfer charge period.

98B(2)    
The rate is:

Base interest rate for the day Number of days in the calendar year

98B(3)    

In this section:

base interest rate
, for a day, has the meaning given by section 8AAD of the Taxation Administration Act 1953 .

instalment transfer tax
is the amount worked out by multiplying the instalment transfer excess by the rate at which tax is imposed by the Petroleum Resource Rent Tax (Imposition - General) Act 2012 in relation to the year of tax in which the instalment period to which the excess relates occurred.