INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 6A - Deductions from certain repayments of farm management deposits  

Note:

In addition to the obligations imposed on financial institutions in relation to farm management deposits under this Division, they are required to report information about such deposits to the Department of Primary Industries and Energy under section 264AA .

SECTION 221ZXC   GIVING DEDUCTION TO COMMISSIONER  

221ZXC(1)   [Amount to be sent in 21 day period]  

A financial institution must send any amount deducted under section 221ZXB to the Commissioner before the end of 21 days after the end of the month in which it is deducted.

221ZXC(2)   [Liability to general interest charge]  

If any of the amount which the financial institution must pay to the Commissioner remains unpaid after the time by which it is due to be paid, the financial institution is liable to pay the 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 amount was due to be paid; and

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

(i) the amount;

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

Note:

The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .