Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997
If an amendment of an assessment increasing a member's liability to pay surcharge for a financial year is made, the member is liable to pay the general interest charge on the amount of the increase for each day in the period that:
(a) started at the beginning of 15 June in the financial year; and
(b) finishes at the end of the day before the amended assessment is made.
Note:
The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .
Hide history note
View history noteS 18(1) amended by No 101 of 2006 , s 3 and Sch 2 item 1051, by omitting the reference to a repealed inoperative division in the note, effective 14 September 2006.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.
(Repealed by Act No 11 of 1999)
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.
18(3) Amendment of nil assessment.
(a) the Commissioner has calculated that no surcharge is payable by a member on the member's surchargeable contributions for a financial year; and
(b) the Commissioner afterwards makes an assessment of surcharge payable by the member on those contributions for the financial year;
the assessment referred to in paragraph (b) is taken to be an amended assessment.
18(4)(Repealed by Act No 11 of 1999)
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.
18(5)
(Repealed by Act No 11 of 1999)
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.
18(6)
(Repealed by Act No 11 of 1999)
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 ).
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