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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Subdivision 280-B - Shortfall interest charge

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SECTION 280-101 LIABILITY TO SHORTFALL INTEREST CHARGE - EXCESS EXPLORATION CREDIT TAX

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280-101(1)
You are liable to pay *shortfall interest charge on an additional amount of *excess exploration credit tax that you are liable to pay because the Commissioner amends your assessment for an income year.

280-101(2)
The liability is for each day in the period:

(a) beginning at the start of the day on which *excess exploration credit tax under your first assessment for that income year was due to be paid, or would have been due to be paid if there had been any; and

(b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment.

280-101(3)
However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which *excess exploration credit tax under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any.

Note:

See Subdivision 418-F of the Income Tax Assessment Act 1997 for when the amount of excess exploration credit tax and shortfall interest charge becomes due and payable. That Subdivision also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.

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History

S 280-101 inserted by No 21 of 2015, s 3 and Sch 6 item 34, applicable in relation to the 2015-16, 2016-17 and 2017-18 income years, but not in relation to any later income years.

Former s 280-101 repealed by No 96 of 2014, s 3 and Sch 1 item 79, effective 30 September 2014. For transitional provisions see note under Pt 3-15 heading. S 280-101 formerly read:

SECTION 280-101 LIABILITY TO SHORTFALL INTEREST CHARGE - MINERALS RESOURCE RENT TAX
280-101(1)
You are liable to pay *shortfall interest charge on an additional amount of *MRRT that you are liable to pay because the Commissioner amends your assessment for an *MRRT year.

280-101(2)
The liability is for each day in the period:

(a) beginning at the start of the day on which *MRRT under your first assessment for that *MRRT year was due to be paid, or would have been due to be paid if there had been any; and

(b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment.

280-101(3)
However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which *MRRT under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any.

Note:

See Division 50 of the Minerals Resource Rent Tax Act 2012 for when the amount of assessed MRRT and shortfall interest charge becomes due and payable. That Division also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.

Former s 280-101 inserted by No 14 of 2012, s 3 and Sch 1 item 13, effective 1 July 2012. For application and transitional provisions see note under Part 3-15 heading.

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