Interest and penalty tax
4 Interest and penalty tax
Interest and penalty tax under
Part
5 are payable in relation to a tax default occurring on or after the relevant commencement date whether the tax liability in respect of which the default occurs arose before or on or after that commencement date.
If a tax default or other default occurred or commenced under a taxation law before the relevant commencement date, the Commissioner may make an assessment under this Act, on or after that commencement date, of any additional tax that would have been payable or assessable under that taxation law in relation to the default if the Statutes Amendment (Taxation Administration) Act 1996 had not been enacted, and this Act will apply, subject to subclause (3), as if the additional tax were penalty tax under this Act.
Interest will not be payable under
Part
5 in respect of a tax default that consists of a failure to pay additional tax referred to in subclause (2).
In this clause—
additional tax means additional, penal or penalty tax or duty, or any tax or duty payable by way of a fine or penalty, under a repealed provision.
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