8AAZF
CurrentGeneral interest charge on RBA deficit debt
Volume 1Parts I to V (sections 1 to 18), Schedule 1, Chapter 2, Part 2-1 to Part 2-5 (sections 6-1 to 21-5)
Part IIBRunning balance accounts, application of payments and credits, and related matters
Division 2Running Balance Accounts (or RBAs)
8AAZF General interest charge on RBA deficit debt
(1)
If there is an RBA deficit debt at the end of a day, then general interest charge is payable by the tax debtor on that RBA deficit debt for that day.
(2)
The balance of the RBA is altered in the Commissioner’s favour by the amount of the general interest charge payable.
This Act’s bill:Second reading speech
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