Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if, just before the commencement of this section, you were liable, under subsection 204(3) (the old provision ) of the Income Tax Assessment Act 1936 , to pay the general interest charge on an unpaid amount (the liability ) of any tax or shortfall interest charge.
(2) On that commencement, the old provision ceases to apply to the liability.
(3) From that commencement, section 5 - 15 (the new provision ) of the Income Tax Assessment Act 1997 , as originally enacted, applies to the liability as if:
(a) the liability remained unpaid at that time; and
(b) so much of the charge under the old provision as remained unpaid at that time had been imposed under the new provision and remained unpaid at that time.