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In forceTransitional provision (rates of interest on pre-existing liabilities)
Part 5Transitional matters
Division 2Revenue Law Reform (Budget Initiatives) Act 2008
52 Transitional provision (rates of interest on pre-existing liabilities)
(1) Interest accrues under section 41(3) on a liability arising before the commencement of the relevant amendment:
(a) up to the commencement of the relevant amendment – at the rate applicable before the commencement of the relevant amendment; and
(b) after the commencement of the relevant amendment – at the rate prescribed by the relevant amendment.
(2)
In this section:
relevant amendment means the amendment made by Revenue Law Reform (Budget Initiatives) Act 2008 to section 41(12).
This Act’s bill:Second reading speech
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