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.

Guide to Division 6

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