A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 11   PAYG withholding consequential amendments

Income Tax Assessment Act 1936

44   After section 221YHZX

Insert:

221YHZXA Extended operation of certain provisions of the Taxation Administration Act

In addition to their effect apart from this section, sections 18-15, 18-20 and 18-25 in Schedule 1 to the Taxation Administration Act 1953 also have effect as if:

(a) in respect of an investor who has not adopted an accounting period in lieu of an income year - an amount paid under this Subdivision in relation to the income year and in relation to an eligible deferred interest investment of the investor; or

(b) in respect of any other investor - an amount paid under this Subdivision during an income year of the investor and in relation to an eligible deferred interest investment of the investor;

were an amount withheld during the income year, under subsection 12-140(1) in Schedule 1 to the Taxation Administration Act 1953 from a payment to the investor.

221YHZXB Penalty for failure to pay within time

If an amount that an entity must pay to the Commissioner under this Subdivision remains unpaid after the time by which it is due to be paid, the entity is liable to pay general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the day by which the unpaid amount was due to be paid; and

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

(i) the unpaid amount;

(ii) general interest charge on any of the unpaid amount.