Commonwealth Consolidated Acts

SUPERANNUATION CONTRIBUTIONS TAX (MEMBERS OF CONSTITUTIONALLY PROTECTED SUPERANNUATION FUNDS) ASSESSMENT AND COLLECTION ACT 1997 - SECT 18

Liability to pay general interest charge

  (1)   If an amendment of an assessment increasing a member's liability to pay surcharge for a financial year is made, the member 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 member on the member's surchargeable contributions for a financial year; and

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

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