Taxation Administration Act 1953

PART IIA - THE GENERAL INTEREST CHARGE  

SECTION 8AAC   AMOUNT OF THE GENERAL INTEREST CHARGE  

8AAC(1)   [Calculating the charge]  

The general interest charge for a day is worked out in accordance with this section.

8AAC(2)   [Charge payable on deficit on a running balance account]  

If the charge is payable under section 8AAZF on the RBA deficit at the end of that day, then the charge is worked out by multiplying the general interest charge rate for that day by the RBA deficit at the end of that day.

8AAC(3)   [Other original unpaid amounts]  

If the charge is not payable under section 8AAZF , but applies to an amount that remains unpaid (the original unpaid amount ), then the charge is worked out by multiplying the general interest charge rate for that day by the sum of so much of the following amounts as remains unpaid:

(a) the charge from previous days;

(b) the original unpaid amount.

8AAC(4)   [Other specified amounts]  

If the charge applies to an amount that is specified in the provision that imposes the charge, but neither subsection (2) nor (3) applies, then the charge is worked out by multiplying the general interest charge rate for that day by the sum of the following amounts:

(a) so much of the charge from previous days as remains unpaid;

(b) the specified amount.