Future Made in Australia (Production Tax Credits and Other Measures) Act 2025 (9 of 2025)

Schedule 1   Hydrogen production tax incentive

Part 2   Shortfall interest charge

Income Tax Assessment Act 1936

8   After subsection 172A(2)

Insert:

Shortfall interest charge

(2A) If:

(a) a person is liable to pay an amount under subsection (2); and

(b) as a result, the person is liable to pay shortfall interest charge on that amount under section 280-102F in Schedule 1 to the Taxation Administration Act 1953;

then the shortfall interest charge is due and payable 21 days after the day on which the Commissioner gives the person notice of the charge.

Note: Shortfall interest charge is worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953.