Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 222AJA

             (1)  This section applies if a liability to pay an estimate remains undischarged at the end of 7 days after the Commissioner sends notice of the estimate to the person liable or to the person's trustee, unless the person liable is the Commonwealth.

             (2)  The unpaid amount of the estimate, as at the end of the 7 days, continues to be payable and is called the principal amount .

             (3)  The person is also liable to pay the general interest charge on the unpaid amount of the estimate for each day in the period that:

                     (a)  started at the beginning of the day by which the underlying liability 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 estimate;

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

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