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

52   At the end of section 221YDB

Add:

(3) If any of the additional tax payable under this section remains unpaid after the last day for which it is payable, the taxpayer is liable to pay the general interest charge on the unpaid additional tax for each day in the period that:

(a) started at the beginning of the next day; 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 additional tax;

(ii) general interest charge on any of the additional tax.

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