INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3B - Collection of tax in respect of certain payments  

Subdivision C - Collection of TFN withholding tax payable on the non-quotation of tax file numbers in respect of eligible deferred interest investments  

SECTION 221YHZXB  

221YHZXB   PENALTY FOR FAILURE TO PAY WITHIN TIME  
If an amount that an entity must pay to the Commissioner under this Subdivision remains unpaid after the time by which it is due to be paid, the entity is liable to pay general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the day by which the unpaid amount was due to be paid; and

(b) finishes at the end of the last day, at the end of which any of the following remains unpaid:

(i) the unpaid amount;

(ii) general interest charge on any of the unpaid amount.