Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 163AA

                   A person who fails to pay some or all of a penalty under section 163A by the time by which the penalty is due to be paid is liable to pay the 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 penalty 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 penalty;

                             (ii)  general interest charge on any of the penalty.

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