Document ID: chunk:federal_register_of_legislation:C2005A00075:clause:1_1:p2
Version: federal_register_of_legislation:C2005A00075
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/3)
Character Range: 3915–6590

are liable to any penalty under this Act.

 (5) Neither the Commonwealth nor an authority of the Commonwealth is liable to pay *shortfall interest charge.

280‑105  Amount of shortfall interest charge

 (1) The *shortfall interest charge for a day is worked out by multiplying the rate worked out under subsection (2) for that day by the sum of these amounts:
 (a) the additional amount of income tax; and
 (b) the shortfall interest charge on that amount from previous days.

 (2) The rate is:

280‑110  Notification by Commissioner

 (1) The Commissioner must give you a notice stating the amount of the *shortfall interest charge you are liable to pay for the period applicable under section 280‑100.

 (2) The notice may be included in any other notice given to you by the Commissioner.

 (3) A notice given by the Commissioner under this section is prima facie evidence of the matters stated in the notice.

Subdivision 280‑C—Remitting shortfall interest charge

Table of sections

280‑160 Remitting shortfall interest charge
280‑165 Commissioner must give reasons for not remitting in certain cases
280‑170 Objecting against remission decision

280‑160  Remitting shortfall interest charge

 (1) The Commissioner may remit all or a part of an amount of *shortfall interest charge you are liable to pay if the Commissioner considers it fair and reasonable to do so.

 (2) Without limiting subsection (1), in deciding whether to remit, the Commissioner must have regard to:
 (a) the principle that remission should not occur just because the benefit you received from the temporary use of the shortfall amount is less than the *shortfall interest charge; and
 (b) the principle that remission should occur where the circumstances justify the Commonwealth bearing part or all of the cost of delayed payments.

280‑165  Commissioner must give reasons for not remitting in certain cases

  The Commissioner must give you a written statement of the reasons for a decision not to remit an amount of *shortfall interest charge you are liable to pay if you requested the Commissioner, in the *approved form, to remit the amount.

Note: Section 25D of the Acts Interpretation Act 1901 sets out rules about the contents of a statement of reasons.

280‑170  Objecting against remission decision

  You may object, in the manner set out in Part IVC, against a decision of the Commissioner not to remit an amount of *shortfall interest charge you are liable to pay on an additional amount of income tax if the amount of the charge that was not remitted is more than 20% of the additional amount of income tax.

Part 2—Consequential amendments

Income Tax Assessment Act 1936