Document ID: chunk:federal_register_of_legislation:C2025C00029:front:0:p17
Version: federal_register_of_legislation:C2025C00029
Segment Type: other
Provision Reference: 
Character Range: 42718–45449

amended assessment.
Note: Shortfall interest charge may be payable, on any amount of extra income tax payable as a result of the amended assessment, for each day in the period that:
(a) starts at the time income tax was due and payable on your original assessment; and
(b) ends the day before the day on which the Commissioner gives you notice of the amended assessment.

5‑10  When shortfall interest charge is payable
  An amount of *shortfall interest charge that you are liable to pay is due and payable 21 days after the day on which the Commissioner gives you notice of the charge.
Note: Shortfall interest charge is imposed if the Commissioner amends an assessment and the amended assessment results in an increase in some tax payable. For provisions about liability for shortfall interest charge, see Division 280 in Schedule 1 to the Taxation Administration Act 1953.

5‑15  General interest charge payable on unpaid income tax or shortfall interest charge
  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.

Division 6—Assessable income and exempt income

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

6‑1  Diagram showing relationships among concepts in this Division

 (1) Assessable income consists of ordinary income and statutory income.
 (2) Some ordinary income, and some statutory income, is exempt income.
 (3) Exempt income is not assessable income.
 (4) Some ordinary income, and some statutory income, is neither assessable income nor exempt income.
For the effect of the GST in working out assessable income, see Division 17.
 (5) An amount of ordinary income or statutory income can have only one status (that is, assessable income,