TERMINATION PAYMENTS TAX (ASSESSMENT AND COLLECTION) ACT 1997 (REPEALED)

PART 3 - ASSESSMENT AND COLLECTION OF SURCHARGE

SECTION 13 PAYMENT OF GENERAL INTEREST CHARGE IF LIABILITY INCREASED BY AMENDED ASSESSMENT

13(1) Liability to pay general interest charge.

If an amendment of an assessment increasing a taxpayer ' s liability to pay surcharge for a financial year is made, the taxpayer is liable to pay the general interest charge on the amount of the increase for each day in the period that:

(a) started at the beginning of 15 June in the financial year; and

(b) finishes at the end of the day before the amended assessment is made.

Note:

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

View history note

13(2) Amendment of nil assessment.

If:

(a) the Commissioner has calculated that no surcharge is payable by a taxpayer for a financial year; and

(b) the Commissioner afterwards makes an assessment of surcharge payable by the taxpayer for the financial year;

that assessment is taken to be an amended assessment.

View history note

History

S 13 substituted by No 11 of 1999, s 3 and Sch 1 item 378, applicable to the extent that the period for which the person is liable to pay the general interest charge occurs on or after 1 July 1999. S 13 formerly read:

PAYMENT OF INTEREST TO COMMONWEALTH IF LIABILITY INCREASED BY AN AMENDMENT OF AN ASSESSMENT
13(1)
If an amendment of an assessment increasing a taxpayer ' s liability to pay surcharge is made, the taxpayer must pay interest to the Commonwealth, calculated in accordance with subsection (2), on the amount of the increase.

13(2)
Interest payable by a taxpayer under subsection (1) as a result of an amended assessment (the current amended assessment ) of surcharge for a financial year is to be calculated:

(a) for the period:

(i) starting on 15 June in the financial year; and

(ii) ending on the day on which the current amended assessment is made; and

(b) at such annual rate or rates of interest as are provided for by section 214A of the Income Tax Assessment Act.

13(3)
If:

(a) the Commissioner has calculated that no surcharge is payable by a taxpayer for a financial year; and

(b) the Commissioner afterwards makes an assessment of surcharge payable by the taxpayer for the financial year;
the assessment referred to in paragraph (b) is taken to be an amended assessment.

13(4)
If the amount of interest that would be payable under subsection (1) by a taxpayer is less than 50 cents, the interest is not payable.

13(5)
If a taxpayer is liable to pay interest under this section, the Commissioner must notify the taxpayer of:

(a) the period for which the taxpayer is liable to pay the interest; and

(b) the amount of the interest; and

(c) a date (not earlier than 30 days after the day on which the notification was given) as the due date for payment of the interest;
and the amount is due and payable on that date.

13(6)
The Commissioner may remit the whole or part of any interest payable by a taxpayer under this section.
Note: A refusal to remit interest is reviewable by the Administrative Appeals Tribunal (see section 20 ).

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