Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 721 - Liability for payment of tax where head company fails to pay on time  

Tax sharing agreements  

SECTION 721-32   Notice of general interest charge liability under TSA  

721-32(1)    
This section operates if:

(a) the group liability is ^* general interest charge for a day in relation to another liability (the primary liability ); and

(b) the Commissioner gives a particular TSA contributing member written notice under subsection 721-30(5) of its liability under subsection 721-30(2) in relation to the general interest charge for that day; and

(c) general interest charge arises for a subsequent day in relation to the primary liability; and

(d) the TSA contributing member is liable under subsection 721-30(2) for an amount in relation to the general interest charge for the subsequent day.

721-32(2)    
The Commissioner is taken to have given the TSA contributing member written notice under subsection 721-30(5) of the amount in relation to the ^* general interest charge for the subsequent day. The notice is taken to have been given on that day.