Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 5.15

    If an amount of income tax or * shortfall interest charge 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)   starts at the beginning of the day on which the amount was due to be paid; and

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

  (i)   the income tax or shortfall interest charge;

  (ii)   general interest charge on any of the income tax or 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.

Table of sections

6 - 1   Diagram showing relationships among concepts in this Division

Operative provisions

6 - 5   Income according to ordinary concepts ( ordinary income )

6 - 10   Other assessable income ( statutory income )

6 - 15   What is not assessable income

6 - 20   Exempt income

6 - 23   Non - assessable non - exempt income

6 - 25   Relationships among various rules about ordinary income