A New Tax System (Pay As You Go) Act 1999 (178 of 1999)

Schedule 2   Running balance accounts, general interest charge and related matters

Part 2   General interest charge

Income Tax Assessment Act 1936

41   Sections 102UP and 102UQ

Repeal the sections, substitute:

102UP Late payment of ultimate beneficiary non-disclosure tax

If any of the ultimate beneficiary non-disclosure tax which a person is liable to pay remains unpaid 60 days after the day by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the 60th day after the day by which the ultimate beneficiary non-disclosure tax was due to be paid; and

(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the ultimate beneficiary non-disclosure tax;

(ii) general interest charge on any of the ultimate beneficiary non-disclosure tax.

Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953.