Income Tax (Transitional Provisions) Act 1997

CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS  

PART 1-3 - CORE PROVISIONS  

Division 5 - How to work out when to pay your income tax  

Subdivision 5-A - How to work out when to pay your income tax  

SECTION 5-10   General interest charge liabilities under former subsection 204(3)  

5-10(1)    
This section applies if, just before the commencement of this section, you were liable, under subsection 204(3) (the old provision ) of the Income Tax Assessment Act 1936 , to pay the general interest charge on an unpaid amount (the liability ) of any tax or shortfall interest charge.

5-10(2)    
On that commencement, the old provision ceases to apply to the liability.

5-10(3)    
From that commencement, section 5-15 (the new provision ) of the Income Tax Assessment Act 1997 , as originally enacted, applies to the liability as if:


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


(b) so much of the charge under the old provision as remained unpaid at that time had been imposed under the new provision and remained unpaid at that time.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.