New South Wales Consolidated Acts
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TAXATION ADMINISTRATION ACT 1996 - SECT 21
Interest in respect of tax defaults
21 Interest in respect of tax defaults
(1) If a tax default occurs, the taxpayer is liable to pay interest on the
amount of tax unpaid calculated on a daily basis from the end of the last day
for payment until the day it is paid at the interest rate from time to time
applying under this Division.
(2) Interest is payable under this section in
respect of a tax default that consists of a failure to pay penalty tax under
Division 2 but is not payable in respect of any failure to pay interest under
this Division.
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