Document ID: chunk:federal_register_of_legislation:C2010C00222:clause:1_11:p2
Version: federal_register_of_legislation:C2010C00222
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 2/2)
Character Range: 15154–16431

imposed by the Income Tax (First Home Saver Accounts Misuse Tax) Act 2008 in respect of a *FHSA home acquisition payment from an *FHSA held by the person if:
 (a) the payment fails to satisfy the *FHSA payment conditions; or
 (b) the payment satisfies the FHSA payment conditions, but is an *FHSA ineligibility payment.

Note: The Commissioner may make an assessment of the amount of the tax under section 169 of the Income Tax Assessment Act 1936.

345‑110  Due date for payment of FHSA misuse tax

  *FHSA misuse tax assessed for a person is due and payable 21 days after the Commissioner gives the person notice of the assessment.

345‑115  General interest charge

  If *FHSA misuse tax payable by a person remains unpaid after the time by which it is due and payable, the person is 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 FHSA misuse tax was due to be paid; and
 (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:
 (i) the FHSA misuse tax;
 (ii) general interest charge on any of the FHSA misuse tax.

Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953.