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A NEW TAX SYSTEM (BONUSES FOR OLDER AUSTRALIANS) ACT 1999 - SECT 52
Interest on amounts recoverable
- (1)
- If the Commissioner has served on an ATO client from whom an amount is
recoverable under subsection 51(1), or the legal personal representative of
such a client, a notice claiming an amount as a debt due to the Commonwealth
and:
- (a)
- an arrangement for the repayment of the amount has been entered into
between the Commissioner and the client or the client's legal personal
representative, as the case may be, within the period referred to in
subsection (3), and there has been a default in payment of an amount required
to be paid under the arrangement; or
- (b)
- at the end of the period such an arrangement has not been entered into and
all or part of the amount remains unpaid;
then, from and including the day after the end of the period, interest becomes
payable, by way of penalty, on so much of the amount as from time to time
remains unpaid.
- (2)
- Interest is payable:
- (a)
- at the rate specified in the regulations; or
- (b)
- if no rate is so specified—at the rate of 8% per annum.
- (3)
- The period for entering into an arrangement under paragraph (1)(a) is the
period of 3 months following the service of the notice under subsection (1),
or such longer period as the Commissioner allows.
- (4)
- Despite subsection (1), in any proceedings instituted by the Commonwealth
for the recovery of an amount due under paragraph 51(1)(b), the court may
order that the interest payable under that paragraph is, and is taken to have
been, so payable from and including a day later than the day referred to in
subsection (1).
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