Product Grants and Benefits Administration Act 2000

PART 8 - GENERAL INTEREST CHARGE (GIC)  

SECTION 35   GENERAL INTEREST CHARGE ON UNPAID SCHEME DEBTS  

35(1)    
For the purposes of this section, a designated scheme debt is:

(a) an overpayment debt; or

(b) an amount payable by way of a penalty under subsection 284-75(1) or (4) in Schedule 1 to the Taxation Administration Act 1953 .

35(2)    
If an amount of a designated scheme debt that is payable by you remains unpaid after the day by which it must be paid, you are liable to pay the general interest charge ( GIC ) on the unpaid amount.

Note:

Note: The GIC is worked out under Part IIA of the Taxation Administration Act 1953 .

35(3)    
You are liable to pay the GIC for each day in the period that:

(a) started at the beginning of the day by which the designated scheme debt 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 designated scheme debt;

(ii) GIC on any of the designated scheme debt.

35(4)    
This section does not apply to an overpayment debt that is attributable (in whole or in part) to an error made by the Commissioner, where the grant or benefit concerned was received in good faith.

Note: The overpayment debt is recoverable as an administrative overpayment under section 8AAZN of the Taxation Administration Act 1953 .

35(5)    
This section does not apply to an overpayment debt that is attributable (in whole or in part) to a change in regulations made for the purposes of working out the amount of a grant or benefit.