Document ID: chunk:federal_register_of_legislation:C2006A00078:clause:1_98a:p2
Version: federal_register_of_legislation:C2006A00078
Segment Type: clause
Provision Reference: sch 1 cl 98A (pt 2/3)
Character Range: 10813–13395

interest charge) on the instalment transfer excess for each day in the following period (the instalment transfer charge period) in the year of tax:
 (a) if the instalment period to which the excess relates is the first instalment period in the year—the period:
 (i) starting at the start of the day on which instalments of tax are due and payable for the first instalment period in the year; and
 (ii) ending immediately before the day on which instalments of tax are due and payable in relation to the second instalment period in the year;
 (b) if the instalment period to which the excess relates is the second instalment period in the year—the period:
 (i) starting at the start of the day on which instalments of tax are due and payable for the second instalment period in the year; and
 (ii) ending immediately before the day on which instalments of tax are due and payable in relation to the third instalment period in the year;
 (c) if the instalment period to which the excess relates is the third instalment period in the year—the period:
 (i) starting at the start of the day on which instalments of tax are due and payable for the third instalment period in the year; and
 (ii) ending immediately before the day on which tax is due and payable in relation to the year of tax.

Note 1: For when instalments of tax are payable, see section 95. For when tax is payable in relation to the year of tax, see section 82.

Note 2: For the amount of the charge, see section 98B. For when the charge is payable, see section 98C. For remission of the charge, see section 98D.

Charge payable even if person has transferred interest in project

 (5) Despite sections 48 and 48A, the liable person remains liable for the full amount of the instalment transfer interest charge even if the liable person enters into a transaction that has the effect, after the end of the instalment period, of transferring part or all of the liable person's entitlement to derive assessable receipts in relation to the project.

Statement about charge

 (6) The liable person must, on or before the 60th day after the end of the year of tax, give the Commissioner information, in the approved form, for use in working out the instalment transfer interest charge.

Note: Subdivision 388‑B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this section.

 (7) In this section:

first instalment period, in a year of tax, means the instalment period ending at the end of September in that year.

second instalment period, in a year of tax, means the instalment period