Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 294.250

    If an amount of * assessed excess transfer balance 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 excess transfer balance tax;

  (ii)   general interest charge on any of the assessed excess transfer balance tax.

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

Table of Subdivisions

  Guide to Division   295

295 - A   Provisions of general operation

295 - B   Modifications of provisions of this Act

295 - C   Contributions included

295 - D   Contributions excluded

295 - E   Other income amounts

295 - F   Exempt income

295 - G   Deductions

295 - H   Components of taxable income

295 - I   No - TFN contributions

295 - J   Tax offset for no - TFN contributions income (TFN quoted within 5 years )