Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 6D - Provisions relating to certain closely held trusts  

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History

Div 6D inserted by No 70 of 1999.

Subdivision D - Payment etc. of trustee beneficiary non-disclosure tax  

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History

Subdiv D heading substituted by No 143 of 2007 , s 3 and Sch 4 item 24, applicable to the first income year starting on or after 24 September 2007 and later income years. The heading formerly read:

Subdivision D - Payment etc. of ultimate beneficiary non-disclosure tax

Subdiv D inserted by No 70 of 1999.

SECTION 102UP  

102UP   LATE PAYMENT OF TRUSTEE BENEFICIARY NON-DISCLOSURE TAX  

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If any of the trustee 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 trustee 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 trustee beneficiary non-disclosure tax;

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

Note:

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

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History

S 102UP amended by No 143 of 2007 , s 3 and Sch 4 item 32, by substituting " trustee " for " ultimate " (wherever occurring), applicable to the first income year starting on or after 24 September 2007 and later income years.

S 102UP amended by No 101 of 2006 , s 3 and Sch 2 item 1024, by omitting the reference to a repealed inoperative division in the note, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 102UP substituted for s 102UP and 102UQ by No 178 of 1999.

S 102UP inserted by No 70 of 1999.

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