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 4   Estimates

61   General interest charge

New charge

(1) Section 268-75 in Schedule 1 to theTaxation Administration Act 1953, as added by this Schedule, applies in relation to an estimate of which the Commissioner sends notice:

(a) on or after the commencement time; or

(b) no more than 7 days before the commencement time.

Existing charge

(2) Subitems (3) and (4) apply if, just before the commencement time, you were liable, under Subdivision E of Division 8 of Part VI of theIncome Tax Assessment Act 1936 (the old Subdivision ), to pay the general interest charge on an unpaid amount of an estimate.

(3) At the commencement time, the old Subdivision stops applying to the liability.

(4) From the commencement time, Subdivision 268-E in Schedule 1 to theTaxation Administration Act 1953 (the new Subdivision ) applies to the liability as if:

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

(b) so much of the charge under the old Subdivision as remained unpaid at that time:

(i) had been imposed under the new Subdivision; and

(ii) remained unpaid at that time.