A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 2   Collection and recovery rules

Part 2   Consequential amendment of Acts

Taxation Administration Act 1953

93   Subsection 8AAZH(1)

Repeal the subsection, substitute:

(1) If there is a deficit on an RBA at the end of a day, the tax debtor is liable to pay the amount to the Commonwealth. The amount is due and payable at the end of that day.

Note: The heading to section 8AAZH is replaced by the heading " Liability for RBA deficit ".