Taxation Laws Amendment Act (No. 2) 1995 (169 of 1995)

Schedule 5 SUPERANNUATION ENTITIES (TAXATION) ACT 1987

Omit the subsection, substitute:

"(1) If any levy payable by a person in relation to a return for a

year of income remains unpaid throughout the whole or a part of:

(a) the calendar month beginning at the start of the day after the

day on which the levy became due and payable; or

(b) a later calendar month;

the person is liable to pay to the Commonwealth, in respect of that

calendar month, by way of penalty, the monthly amount worked out under

subsection (2). However, this rule does not apply if the levy was

fully paid before the 15th day of the calendar month referred to in

paragraph (a).

Note: Calendar month is defined by section 22 of the Acts

Interpretation Act 1901.".