S 18(1) amended by No 101 of 2006 , s 3 and Sch 2 item 1051, by omitting the reference to a repealed inoperative division in the note, effective 14 September 2006. For application and saving provisions see the CCH Australian Income Tax Legislation archive .

S 18(1) substituted for s 18(1) and (2) by No 11 of 1999, s 3 and Sch 1 item 329, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 18(1) formerly read:

18(1)
If an amendment of an assessment increasing a member's liability to pay surcharge is made, the member must pay interest to the Commonwealth, calculated in accordance with subsection (2), on the amount of the increase.

S 18(1) substituted for s 18(1) and (2) by No 11 of 1999, s 3 and Sch 1 item 329, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 18(2) formerly read:

18(2)
Interest payable by a member under subsection (1) as a result of an amended assessment of surcharge on the member's surchargeable contributions for a financial year is to be calculated:

(a) for the period:

(i) starting on 15 June in the financial year; and

(ii) ending on the day on which the amended assessment is made; and

(b) at such annual rate or rates of interest as are provided for by section 214A of the Income Tax Assessment Act.

S 18(4) repealed by No 11 of 1999, s 3 and Sch 1 item 330, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 18(4) formerly read:

18(4)
If the amount of interest that would be payable under subsection (1) by a member on the member's surchargeable contributions is less than 50 cents, the interest is not payable.

S 18(5) repealed by No 11 of 1999, s 3 and Sch 1 item 330, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 18(5) formerly read:

18(5)
If a member is liable to pay interest under this section, the following provisions have effect:

(a) the Commissioner must notify the member of:

(i) the period for which the member is liable to pay the interest; and

(ii) the amount of the interest;

(b) if neither a lump sum, nor a pension, has become payable by the relevant superannuation provider for the benefit of the member - the Commissioner must debit the member's surchargeable debt account for the amount of the interest;

(c) if a lump sum, or a pension, has become payable for the benefit of the member - the amount of the interest is payable by the member within one month after the day on which the member was notified of that amount.

S 18(6) repealed by No 11 of 1999, s 3 and Sch 1 item 330, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 18(6) formerly read:

18(6)
The Commissioner may remit the whole or part of any interest payable under this section.

Note: A refusal to remit interest is reviewable by the Administrative Appeals Tribunal (see section 25 ).