Petroleum Resource Rent Tax Assessment Act 1987

S 85 (note) amended by No 101 of 2006 , s 3 and Sch 2 item 1043, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and saving provisions see the CCH Australian Income Tax Legislation archive .

S 85(1) substituted by No 78 of 2006, s 3 and Sch 4 item 12, applicable only in relation to returns and assessments of tax, and instalments of tax, under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006. S 85(1) formerly read:

85(1)
If any of the tax which a person is liable to pay remains unpaid after the time by which the tax is due to be paid, the person is liable to pay the general interest charge on the unpaid amount.

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

S 85(2) amended by No 78 of 2006, s 3 and Sch 4 items 13 and 14, by inserting " , shortfall interest charge or instalment transfer interest charge " after " tax " in paras (a) and (b)(i) and (ii), applicable only in relation to returns and assessments of tax, and instalments of tax, under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006.

S 85(3) repealed by No 78 of 2006, s 3 and Sch 4 item 15, S 85(3) formerly read:

85(3)
The amount of the general interest charge is taken to be additional tax payable under this section.

S 85(4) repealed by No 78 of 2006, s 3 and Sch 4 item 15, applicable only in relation to returns and assessments of tax, and instalments of tax, under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006. S 85(4) formerly read:

85(4)
In this section:

tax
includes additional tax under Part IX .