298-25
CurrentGeneral interest charge on unpaid penalty
Volume 2Schedule 1, Chapter 2, Part 2-10 to Chapter 4, Part 4-25 (sections 45-1 to 298-110)
Schedule 1Collection and recovery of income tax and other liabilities
Chapter 4Generic assessment, collection and recovery rules
Part 4-25Charges and penalties
Division 298Machinery provisions for penalties
Subdivision 298-AAdministrative penalties
298-25 General interest charge on unpaid penalty
If any of the penalty remains unpaid after it is due, the entity is liable to pay the *general interest charge on the unpaid amount of the penalty for each day in the period that:
(a)
started at the beginning of the day by which the amount was due to be paid; and
(b)
finishes at the end of the last day, at the end of which, any of the following remains unpaid:
(i)
the amount;
(ii)
general interest charge on any of the amount.
Note:
The general interest charge is worked out under Part IIA.
This Act’s bill:Second reading speech
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