25
CurrentInterest in respect of tax defaults
Part 5Interest and penalty tax
Division 1Interest
25 Interest in respect of tax defaults
(1)
If a tax default occurs, the taxpayer is liable to pay interest on the amount of tax unpaid calculated on a daily basis from the end of the last day for payment until the day it is paid at the interest rate from time to time applying under this Division.
(2)
Interest is payable under subsection (1) in respect of a tax default that consists of a failure to pay penalty tax under
Division
2 but is not payable in respect of any failure to pay interest under this Division.
This Act’s bill:Second reading speech
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.