Superannuation (Self Managed Superannuation Funds) Taxation Act 1987

PART IIIAA - COLLECTION OF SUPERANNUATION (SELF MANAGED SUPERANNUATION FUNDS) SUPERVISORY LEVY

SECTION 15DC

15DC GENERAL INTEREST CHARGE

If an amount of levy payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(a) starts at the beginning of the day on which the amount of levy was due to be paid; and

(b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) an amount of levy;

(ii) general interest charge on an amount of levy.

Note:

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

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History

S 15DC substituted by No 9 of 2007, s 3 and Sch 5 item 26, applicable to the 2007-2008 income year and later years. S 15DC formerly read:

SECTION 15DC PENALTY FOR NON-PAYMENT OF LEVY
15DC(1)
If any levy payable by a person in relation to a return for a year of income remains unpaid throughout the whole or a part of:

(a) the calendar month beginning at the start of the day after the day on which the levy became due and payable; or

(b) a later calendar month;
the person is liable to pay to the Commonwealth, in respect of that calendar month, by way of penalty, the monthly amount specified in, or worked out in a manner specified in, regulations for the purposes of this subsection.

Note:

Calendar month is defined by section 22 of the Acts Interpretation Act 1901 .

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History

S 15DC(1) amended by No 121 of 1999 and substituted by No 169 of 1995.

15DC(2) Maximum amount of penalty.
The amount for a calender month must not exceed $25.
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History

S 15DC(2) substituted by No 121 of 1999 and amended by No 169 of 1995.

15DC(3)

(Repealed by No 121 of 1999)

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History

S 15DC(3) amended by No 169 of 1995.

15DC(4)
Late payment penalty for a calendar month is due and payable at the end of the calendar month.
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History

S 15DC(4) amended by No 169 of 1995.

S 15DC inserted by No 55 of 1991.

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