Commonwealth Consolidated Acts

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General interest charge liabilities under former subsection 204(3)

             (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             (3)  From that commencement, section 5-15 (the new provision ) of the Income Tax Assessment Act 1997 , as originally enacted, applies to the liability as if: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.

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