Income Tax (Transitional Provisions) Act 1997

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.

On that commencement, the old provision ceases to apply to the liability.

From that commencement, section 5‑15 (the new provision) of the Income Tax Assessment Act 1997, as originally enacted, applies to the liability as if:

the liability remained unpaid at that time; and

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.