Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)

Schedule 1   Collection and recovery of tax

Part 2   Consequential amendments

Income Tax Assessment Act 1936

26   Subsection 255(4)

Repeal the subsection, substitute:

(4) This section applies to the following in the same way as it applies to tax:

(a) the general interest charge under:

(i) section 163AA, former section 170AA, former subsection 204(3), former subsection 221AZMAA(1), former subsection 221AZP(1), former subsection 221YD(3) or former section 221YDB of this Act;

(ii) section 5-15 of theIncome Tax Assessment Act 1997;

(b) additional tax under former Part VII of this Act;

(c) shortfall interest charge.

Note 1: The general interest charge is worked out under Part IIA of theTaxation Administration Act 1953 and shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act.

Note 2: Subsection 8AAB(4) of that Act lists the provisions that apply the general interest charge.