Commonwealth Consolidated Acts

SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997 - SECT 21

             (1)  If an amendment of an assessment increasing a person's liability to pay surcharge for a financial year is made, the person 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 .

Amendment of nil assessment

             (3)  If:

                     (a)  the Commissioner has calculated that no surcharge is payable by a person on a member's surchargeable contributions for a financial year; and

                     (b)  the Commissioner afterwards makes an assessment of surcharge payable by the person on those contributions for the financial year;

the assessment referred to in paragraph (b) is taken to be an amended assessment.