Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)

Schedule 1   Collection and recovery of tax

Part 3   Application, transitional and saving provisions

Divison 2   Division 5 of the Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

54   After Division 4

Insert:

Division 5 - How to work out when to pay your income tax

Table of Subdivisions

5-A How to work out when to pay your income tax

Subdivision 5-A - How to work out when to pay your income tax

Table of sections

5-5 Application of Division 5 of theIncome Tax Assessment Act 1997

5-7 References in tax sharing agreements to former section 204

5-10 General interest charge

5-5 Application of Division 5 of the Income Tax Assessment Act 1997

Division 5 of theIncome Tax Assessment Act 1997, as originally enacted, applies in relation to income tax or shortfall interest charge you must pay for:

(a) the 2010-11 financial year; or

(b) a later financial year.

5-7 References in tax sharing agreements to former section 204

(1) A reference in an agreement to section 204 of theIncome Tax Assessment Act 1936 is taken, from the commencement of this section, to be a reference to section 5-5 of theIncome Tax Assessment Act 1997, if:

(a) paragraph 721-25(1)(a) of theIncome Tax Assessment Act 1997 applies to the agreement; and

(b) the agreement was in force just before the commencement of this section.

(2) This section applies in relation to tax to which Division 5 of theIncome Tax Assessment Act 1997 applies.

5-10 General interest charge

(1) This section applies if, just before the commencement of this section, you were liable, under subsection 204(3) (the old provision ) of theIncome Tax Assessment Act 1936, to pay the general interest charge on an unpaid amount (the liability ) of any tax or shortfall interest charge.

(2) On that commencement, the old provision ceases to apply to the liability.

(3) From that commencement, section 5-15 (the new provision ) of theIncome Tax Assessment Act 1997, as originally enacted, applies to the liability as if:

(a) the liability remained unpaid at that time; and

(b) so much of the charge under the old provision as remained unpaid at that time had been imposed under the new provision and remained unpaid at that time.