Document ID: chunk:federal_register_of_legislation:C2006A00078:clause:1_98b
Version: federal_register_of_legislation:C2006A00078
Segment Type: clause
Provision Reference: sch 1 cl 98B
Character Range: 13555–14451

98B  Instalment transfer interest charge—amount

 (1) The instalment transfer interest charge on an amount of instalment transfer excess, for a day in an instalment transfer charge period, is worked out by multiplying the rate worked out under subsection (2) by the sum of the following amounts:
 (a) the instalment transfer tax; and
 (b) the instalment transfer interest charge payable on the excess for the previous days in the instalment transfer charge period.

 (2) The rate is:

 (3) In this section:

base interest rate, for a day, has the meaning given by section 8AAD of the Taxation Administration Act 1953.

instalment transfer tax is the amount worked out by multiplying the instalment transfer excess by the rate at which tax is imposed by the Petroleum Resource Rent Tax Act 1987 in relation to the year of tax in which the instalment period to which the excess relates occurred.