Document ID: chunk:federal_register_of_legislation:C2024C00267:front:0:p21
Version: federal_register_of_legislation:C2024C00267
Segment Type: other
Provision Reference: 
Character Range: 58126–60809

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 liabilities under former subsection 204(3)
5‑15 Application of section 5‑15 of the Income Tax Assessment Act 1997

5‑5  Application of Division 5 of the Income Tax Assessment Act 1997
  Subject to section 5‑15 of this Act, Division 5 of the Income Tax Assessment Act 1997, as originally enacted, applies in relation to income tax or shortfall interest charge you must pay for: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 liabilities under former subsection 204(3)
 (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 (3) From that commencement, section 5‑15 (the new provision) of the Income Tax Assessment Act 1997, as originally enacted, applies to the liability as if: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.

5‑15  Application of section 5‑15 of the Income Tax Assessment Act 1997
 (1) Section 5‑15 of the Income Tax Assessment Act 1997 (General interest charge payable on unpaid income tax or shortfall interest charge), as originally enacted, applies to an amount of income tax or shortfall interest charge you must pay for a financial year, if the income tax or shortfall interest charge is due to be paid on or after the commencement of that section.
 (2) For the purposes of subsection (1), it does not matter whether the financial year ended before, on or after the commencement of that section.

Division