Taxation Administration Act 1953

PART IIA - THE GENERAL INTEREST CHARGE  

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History

Div 1 heading of this Part repealed by No 101 of 2006, s 3 and Sch 1 item 288, effective 14 September 2006. The heading formerly read: " Division 1 - General interest charge " .

Part IIA (heading) substituted by No 101 of 2006 , s 3 and Sch 2 item 930, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive . The heading formerly read:

PART IIA - CHARGES AND PENALTIES FOR FAILING TO MEET OBLIGATIONS

Part IIA inserted by No 11 of 1999.

SECTION 8AAA   OVERVIEW  

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This Part explains how to work out the general interest charge on an amount.

Usually, a person is liable to pay the charge if an amount that the person must pay to the Commissioner is not paid on time. But there are also other circumstances in which a person can be liable.

A person is only liable to pay the charge if a provision of an Act makes the person liable.

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History

S 8AAA amended by No 79 of 2010 , s 3 and Sch 1 item 36, by omitting " (Most of the provisions are in the Income Tax Assessment Act 1936 .) " after " Act makes the person liable " , effective 1 July 2010.

S 8AAA amended by No 101 of 2006 , s 3 and Sch 2 item 931, by substituting " Part " for " Division " , effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 8AAA inserted by No 11 of 1999.

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