Taxation Administration Act 1953

The general interest charge for a day is worked out in accordance with this section.

If the charge is payable under section 8AAZF on the RBA deficit at the end of that day, then the charge is worked out by multiplying the general interest charge rate for that day by the RBA deficit at the end of that day.

If the charge is payable under Division 296 of the Income Tax Assessment Act 1997 on an amount that remains unpaid, then the charge is worked out by multiplying the Division 296 general interest charge rate for that day by the sum of so much of the following amounts as remains unpaid:

the charge from previous days;

the original unpaid amount.

If the charge is not payable under section 8AAZF of this Act or Division 296 of the Income Tax Assessment Act 1997, but applies to an amount that remains unpaid (the original unpaid amount), then the charge is worked out by multiplying the general interest charge rate for that day by the sum of so much of the following amounts as remains unpaid:

the charge from previous days;

the original unpaid amount.

If the charge applies to an amount that is specified in the provision that imposes the charge, but none of subsections (2), (2A) and (3) apply, then the charge is worked out by multiplying the general interest charge rate for that day by the sum of the following amounts:

so much of the charge from previous days as remains unpaid;

the specified amount.