Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES

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Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules

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PART 4-25 - CHARGES AND PENALTIES

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Division 280 - Shortfall interest charge

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Guide to Division 280

SECTION 280-1 GUIDE TO DIVISION 280

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The shortfall interest charge applies to shortfalls of income tax, petroleum resource rent tax, excess non-concessional contributions tax, Division 293 tax, diverted profits tax or Laminaria and Corallina decommissioning levy that are revealed when the Commissioner amends your assessment.

The charge is applied at a uniform rate that is lower than the general interest charge rate.

The Commissioner has a discretion to remit shortfall interest charge.

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History

S 280-1 amended by No 24 of 2022, s 3 and Sch 1 item 15, by substituting " , diverted profits tax or Laminaria and Corallina decommissioning levy " for " or diverted profits tax " in para beginning " The shortfall interest charge " , effective 2 April 2022 and applicable in relation to financial years starting on or after 1 July 2021.

S 280-1 amended by No 27 of 2017, s 3 and Sch 1 item 47, by substituting " , Division 293 tax or diverted profits tax " for " or Division 293 tax " , applicable in relation to DPT tax benefits for a year of income that starts on or after 1 July 2017 (whether or not the DPT tax benefit arises in connection with a scheme that was entered into, or was commenced to be carried out, before 1 July 2017).

S 280-1 amended by No 96 of 2014, s 3 and Sch 1 item 77, by omitting " minerals resource rent tax, " after " shortfalls of income tax, " , effective 30 September 2014. For transitional provisions see note under Pt 3-15 heading.

S 280-1 amended by No 118 of 2013, s 3 and Sch 1 item 106, by inserting " non-concessional " after " excess " , effective 29 June 2013. For application, transitional and saving provisions, see note under Pt 2-35 heading.

S 280-1 amended by No 82 of 2013, s 3 and Sch 3 item 22, by substituting " , excess contributions tax or Division 293 tax " for " or excess contributions tax " , effective 28 June 2013. For application provision, see note under Pt 3-20 heading.

S 280-1 amended by No 14 of 2012, s 3 and Sch 1 item 11, by inserting " minerals resource rent tax, " , effective 1 July 2012. For application and transitional provisions see note under Part 3-15 heading.

S 280-1 amended by No 15 of 2007, s 3 and Sch 1 item 386, by substituting " , petroleum resource rent tax or excess contributions tax " for " or petroleum resource rent tax " , applicable to the 2007-2008 income year and later years.

S 280-1 amended by No 78 of 2006, s 3 and Sch 4 item 28, by inserting " or petroleum resource rent tax " , applicable only in relation to returns and assessments of tax, and instalments of tax, under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006.

S 280-1 inserted by No 75 of 2005.

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