Income Tax (Transitional Provisions) Act 1997

CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS  

PART 1-3 - CORE PROVISIONS  

Division 5 - How to work out when to pay your income tax  

Subdivision 5-A - How to work out when to pay your income tax  

SECTION 5-10   General interest charge liabilities under former subsection 204(3)  

5-10(1)    
This section applies if, just before the commencement of this section, you were liable, under subsection 204(3) (the old provision ) of the Income Tax Assessment Act 1936 , to pay the general interest charge on an unpaid amount (the liability ) of any tax or shortfall interest charge.

5-10(2)    
On that commencement, the old provision ceases to apply to the liability.

5-10(3)    
From that commencement, section 5-15 (the new provision ) of the Income Tax Assessment Act 1997 , as originally enacted, applies to the liability as if:

(a) the liability remained unpaid at that time; and

(b) so much of the charge under the old provision as remained unpaid at that time had been imposed under the new provision and remained unpaid at that time.