Document ID: chunk:federal_register_of_legislation:C2006A00078:clause:4_12
Version: federal_register_of_legislation:C2006A00078
Segment Type: clause
Provision Reference: sch 4 cl 12
Character Range: 44481–45118

12  Subsection 85(1)
Repeal the subsection, substitute:

 (1) A person is liable to pay the general interest charge on any amount of any of the following that remains unpaid after the time by which payment is due:
 (a) tax the person is liable to pay;
 (b) shortfall interest charge the person is liable to pay in relation to tax;
 (c) instalment transfer interest charge the person is liable to pay in relation to an instalment of tax.

Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953.

Note: The heading to section 85 is altered by adding at the end "and charges".