34
CurrentInterest in respect of tax defaults
Part 5Interest and penalty tax
Division 1Interest
34 Interest in respect of tax defaults
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.
Interest is payable in respect of a tax default that consists of a failure to pay penalty tax.
Interest is not payable in respect of a tax default that consists of a failure to pay interest.
This Act’s bill:Second reading speech
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