INCOME TAX ASSESSMENT ACT 1997 - SECT 293.75 General interest charge

INCOME TAX ASSESSMENT ACT 1997 - SECT 293.75

    If an amount of * assessed Division   293 tax or * shortfall interest charge on assessed Division   293 tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that:

  (a)   begins on the day on which the amount was due to be paid; and

  (b)   ends on the last day on which, at the end of the day, any of the following remains unpaid:

  (i)   the assessed Division   293 tax or the shortfall interest charge;

  (ii)   general interest charge on any of the assessed Division   293 tax or the shortfall interest charge.

Note 1:   The general interest charge is worked out under Part   IIA of the Taxation Administration Act 1953 .

Note 2:   Shortfall interest charge is worked out under Division   280 in Schedule   1 to that Act.

Note 3:   See section   5 - 10 of this Act for when the amount of shortfall interest charge becomes due and payable.