Taxation Administration Act 1953

You are liable to pay *shortfall interest charge on an amount (an amount of excess) that you are liable to pay under subsection 172A(2) of the Income Tax Assessment Act 1936 because the Commissioner amends your assessment for an income year.

The liability is for each day in the period:

beginning at the start of the day on which the amount of excess was applied in accordance with Divisions 3 and 3A of Part IIB of this Act; and

ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment.

See section 172A of the Income Tax Assessment Act 1936 for when the amount of excess, and the shortfall interest charge, become due and payable. That section also provides for general interest charge on any part of the amount of excess (plus any shortfall interest charge) that remains unpaid after it is due and payable.