Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:1_54
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 1 cl 54
Character Range: 66807–68836

54  After Division 4
Insert:

Division 5—How to work out when to pay your income tax

Table of Subdivisions

5‑A How to work out when to pay your income tax

Subdivision 5‑A—How to work out when to pay your income tax

Table of sections

5‑5 Application of Division 5 of the Income Tax Assessment Act 1997
5‑7 References in tax sharing agreements to former section 204
5‑10 General interest charge

5‑5  Application of Division 5 of the Income Tax Assessment Act 1997

  Division 5 of the Income Tax Assessment Act 1997, as originally enacted, applies in relation to income tax or shortfall interest charge you must pay for:
 (a) the 2010‑11 financial year; or
 (b) a later financial year.

5‑7  References in tax sharing agreements to former section 204

 (1) A reference in an agreement to section 204 of the Income Tax Assessment Act 1936 is taken, from the commencement of this section, to be a reference to section 5‑5 of the Income Tax Assessment Act 1997, if:
 (a) paragraph 721‑25(1)(a) of the Income Tax Assessment Act 1997 applies to the agreement; and
 (b) the agreement was in force just before the commencement of this section.

 (2) This section applies in relation to tax to which Division 5 of the Income Tax Assessment Act 1997 applies.

5‑10  General interest charge

 (1) This section applies if, just before the commencement of this section, you were liable, under subsection 204(3) (the old provision) of the Income Tax Assessment Act 1936, to pay the general interest charge on an unpaid amount (the liability) of any tax or shortfall interest charge.

 (2) On that commencement, the old provision ceases to apply to the liability.

 (3) From that commencement, section 5‑15 (the new provision) of the Income Tax Assessment Act 1997, as originally enacted, applies to the liability as if:
 (a) the liability remained unpaid at that time; and
 (b) so much of the charge under the old provision as remained unpaid at that time had been imposed under the new provision and remained unpaid at that time.