Commonwealth Numbered Acts

SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997 No. 70, 1997 - SECT 21

Liability to pay interest
21. (1) If an amendment of an assessment increasing a person's liability to
pay surcharge is made, the person must pay interest to the Commonwealth,
calculated in accordance with subsection (2), on the amount of the increase.

Calculation of interest

(2) Interest payable by a person under subsection (1) as a result of an
amended assessment (the current amended assessment) of surcharge on a member's
surchargeable contributions for a financial year is to be calculated:

   (a)  for the period:

        (i)    starting on 15 June in the financial year; and

        (ii)   ending on the day on which the current amended assessment is
               made; and

   (b)  at such annual rate or rates of interest as are provided for by
        section 214A of the Income Tax Assessment Act.

Amendment of nil assessment

(3) If:

   (a)  the Commissioner has calculated that no surcharge is payable by a
        person on a member's surchargeable contributions for a financial year;
        and

   (b)  the Commissioner afterwards makes an assessment of surcharge payable
        by the person on those contributions for the financial year; the
        assessment referred to in paragraph (b) is taken to be an amended
        assessment.

Interest less than 50 cents

(4) If the amount of interest that would be payable under subsection (1) by a
person on a member's surchargeable contributions is less than 50 cents, the
interest is not payable.

Notice of interest to be given

(5) If a person is liable to pay interest under this section, the Commissioner
must notify the person of:

   (a)  the period for which the person is liable to pay the interest; and

   (b)  the amount of the interest; and

   (c)  a date (not earlier than 30 days after the day on which the
        notification was given) as the due date for payment of the interest;
        and the amount is due and payable on that date.

Commissioner may remit interest

(6) The Commissioner may remit the whole or part of any interest payable by a
person under this section. Note: A refusal to remit interest is reviewable by
the Administrative Appeals Tribunal (see section 29).