Treasury Laws Amendment (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022 (24 of 2022)

Schedule 1   Amendments

Taxation Administration Act 1953

17   After section 280-102C in Schedule 1

Insert:

280-102D Liability to shortfall interest charge - Laminaria and Corallina decommissioning levy

(1) You are liable to pay *shortfall interest charge on an additional amount of *Laminaria and Corallina decommissioning levy that you are liable to pay because the Commissioner amends your assessment of an amount of levy payable for a financial year.

(2) The liability is for each day in the period:

(a) beginning at the start of the day on which levy under your first assessment for that financial year was due to be paid, or would have been due to be paid if there had been any; and

(b) ending at the end of the day before the day on which the Commissioner gave you the notice of the amended assessment.

(3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which levy under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any.

Note: See section 125-10 for when the amount of levy and shortfall interest charge becomes due and payable. That section also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.