Taxation Administration Act 1953

(a) your liability to pay the amount of the estimate remains undischarged at the end of 7 days after the Commissioner gives you notice of the estimate; and

(b) the underlying liability is not a liability to pay superannuation guarantee charge.

View history note

268-75(2)
You are liable to pay the *general interest charge on the unpaid amount of the estimate for each day in the period that:

(a) started at the beginning of the day by which the underlying liability 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 amount of the estimate;

(ii) general interest charge on any of the amount of the estimate.

Note:

The general interest charge is worked out under Part IIA of this Act.

View history note

History

S 268-75 inserted by No 79 of 2010 , s 3 and Sch 1 item 10, effective 1 July 2010. Act No 79 of 2010 , s 3 and Sch 1 item 61, contained the following provision, commencing 1 July 2010:

61 General interest charge
New charge

(1)
Section 268 75 in Schedule 1 to the Taxation Administration Act 1953 , as added by this Schedule, applies in relation to an estimate of which the Commissioner sends notice:

(a) on or after the commencement time; or

(b) no more than 7 days before the commencement time.

Existing charge

(2)
Subitems (3) and (4) apply if, just before the commencement time, you were liable, under Subdivision E of Division 8 of Part VI of the Income Tax Assessment Act 1936 (the old Subdivision ), to pay the general interest charge on an unpaid amount of an estimate.

(3)
At the commencement time, the old Subdivision stops applying to the liability.

(4)
From the commencement time, Subdivision 268-E in Schedule 1 to the Taxation Administration Act 1953 (the new Subdivision) applies to the liability as if:

(a) the liability remained unpaid at the commencement time; and

(b) the liability remained unpaid at the commencement time; and

(i) had been imposed under the new Subdivision; and

(ii) remained unpaid at that time.

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