Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:1_3:p2
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 2/4)
Character Range: 33812–36508

applies if:
 (a) the estimate is of the unpaid amount of a liability of a company; and
 (b) the Commissioner has served a *statutory demand on the company relating to the company's liability to pay the unpaid amount of the estimate; and
 (c) the amount of the estimate is later reduced, or the estimate is revoked.

Statutory demand changed

 (2) The *statutory demand is changed accordingly.

 (3) The *statutory demand is taken to have had effect (as so changed) from the time the Commissioner served it on the company.

Statutory demand set aside

 (4) The *statutory demand is set aside if subsection (2) reduces the amount of the debt (or the total of the amounts of the debts) below the statutory minimum (within the meaning of the Corporations Act 2001).

268‑70  Consequences of reduction or revocation—underlying liability

  Reduction of the amount of the estimate, or revocation of the estimate, does not affect the Commissioner's rights or remedies in relation to the underlying liability (except to the extent that this Division expressly provides otherwise).

Subdivision 268‑E—Late payment of estimates

Table of sections

268‑75 Liability to pay the general interest charge
268‑80 Effect of paying the general interest charge

268‑75  Liability to pay the general interest charge

 (1) This section applies if your liability to pay the amount of the estimate remains undischarged at the end of 7 days after the Commissioner gives you notice of the estimate.

 (2) You are liable to pay the *general interest charge on the unpaid amount of the estimate for each day in the period that:
 (a) started at the beginning of the day by which the underlying liability 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 amount of the estimate;
 (ii) general interest charge on any of the amount of the estimate.

Note: The general interest charge is worked out under Part IIA of this Act.

268‑80  Effect of paying the general interest charge

Scope

 (1) If you are liable to pay the *general interest charge under section 268‑75 in relation to the estimate, this section applies to the following liabilities:
 (a) your liability to pay the general interest charge;
 (b) a liability of yours to pay a general interest charge, under a corresponding provision of Subdivision 16‑B, because the underlying liability remains undischarged;
 (c) liability under a judgment, to the extent that it is based on a liability referred to in paragraph (a) or (b);
 (d) a liability of yours to pay interest carried by a judgment debt, to the extent that the judgment debt is based on:
 (i) the liability