Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)
Schedule 1 Collection and recovery of tax
Part 3 Application, transitional and saving provisions
Divison 2 Division 5 of the Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997
54 After Division 4
Insert:
Division 5 - How to work out when to pay your income tax
Table of Subdivisions
5-A How to work out when to pay your income tax
Subdivision 5-A - How to work out when to pay your income tax
Table of sections
5-5 Application of Division 5 of theIncome Tax Assessment Act 1997
5-7 References in tax sharing agreements to former section 204
5-10 General interest charge
5-5 Application of Division 5 of the Income Tax Assessment Act 1997
Division 5 of theIncome Tax Assessment Act 1997, as originally enacted, applies in relation to income tax or shortfall interest charge you must pay for:
(a) the 2010-11 financial year; or
(b) a later financial year.
5-7 References in tax sharing agreements to former section 204
(1) A reference in an agreement to section 204 of theIncome Tax Assessment Act 1936 is taken, from the commencement of this section, to be a reference to section 5-5 of theIncome Tax Assessment Act 1997, if:
(a) paragraph 721-25(1)(a) of theIncome Tax Assessment Act 1997 applies to the agreement; and
(b) the agreement was in force just before the commencement of this section.
(2) This section applies in relation to tax to which Division 5 of theIncome Tax Assessment Act 1997 applies.
5-10 General interest charge
(1) This section applies if, just before the commencement of this section, you were liable, under subsection 204(3) (the old provision ) of theIncome Tax Assessment Act 1936, to pay the general interest charge on an unpaid amount (the liability ) of any tax or shortfall interest charge.
(2) On that commencement, the old provision ceases to apply to the liability.
(3) From that commencement, section 5-15 (the new provision ) of theIncome Tax Assessment Act 1997, as originally enacted, applies to the liability as if: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.