New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 14   Consolidation: liability rules

Income Tax Assessment Act 1997

6   After section 721-30

Insert:

721-32 Notice of general interest charge liability under TSA

(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.

(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.