INCOME TAX ASSESSMENT ACT 1997 - SECT 294.235 Your excess transfer balance earnings

INCOME TAX ASSESSMENT ACT 1997 - SECT 294.235

  (1)   Your excess transfer balance earnings for a day is worked out by multiplying the rate mentioned in subsection   (2) for that day by the amount of your * excess transfer balance at the end of that day.

  (2)   The rate is the lower of:

  (a)   the rate worked out under subsection   8AAD(1) of the Taxation Administration Act 1953 for the day; and

  (b)   a rate determined under subsection   (3) for the day.

  (3)   The Minister may, by legislative instrument, determine a rate for a day.