A New Tax System (Pay As You Go) Act 1999 (178 of 1999)

Schedule 2   Running balance accounts, general interest charge and related matters

Part 2   General interest charge

Income Tax Assessment Act 1936

61   Section 271-80 of Schedule 2F

Repeal the section, substitute:

271-80 Late payment of family trust distribution tax

If any of the family trust distribution tax which a person is liable to pay remains unpaid 60 days after the day by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the 60th day after the day by which the family trust distribution tax was due to be paid; and

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

(i) the family trust distribution tax;

(ii) general interest charge on any of the family trust distribution tax.

Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953.