sec.56Unpaid tax interest on petroleum royalty— Taxation Administration Act 2001 , s 54

sec.56 Unpaid tax interest on petroleum royalty— Taxation Administration Act 2001 , s 54

For the Taxation Administration Act 2001 , section 54 (9) , this section provides for working out the period for which unpaid tax interest accrues if— petroleum royalty is payable by a person under section 41 (1) for a royalty return period that is a calendar quarter; and the person has not paid all of the amount payable for instalment 1, instalment 2 or instalment 3 as required under section 41 . If instalment 1 or instalment 2 is not paid in full by the day required under section 41 , unpaid tax interest accrues on the amount unpaid, from time to time, for the period— starting on, and including, the day after the day the instalment is required to be paid; and ending on, and including, the earlier of the following days— the day the instalment is paid in full; the lodgement day. If the petroleum royalty payable for the royalty return period is not paid in full on the lodgement day, unpaid tax interest accrues on the total amount unpaid, from time to time, for the period— starting on, and including, the day after the lodgement day; and ending on, and including, the day the total amount is paid in full. In this section— lodgement day means the day a petroleum royalty return must be lodged for a royalty return period, disregarding any extension given under the Taxation Administration Act 2001 , section 151 . (sec.56-ssec.1) For the Taxation Administration Act 2001 , section 54 (9) , this section provides for working out the period for which unpaid tax interest accrues if— petroleum royalty is payable by a person under section 41 (1) for a royalty return period that is a calendar quarter; and the person has not paid all of the amount payable for instalment 1, instalment 2 or instalment 3 as required under section 41 . (sec.56-ssec.2) If instalment 1 or instalment 2 is not paid in full by the day required under section 41 , unpaid tax interest accrues on the amount unpaid, from time to time, for the period— starting on, and including, the day after the day the instalment is required to be paid; and ending on, and including, the earlier of the following days— the day the instalment is paid in full; the lodgement day. (sec.56-ssec.3) If the petroleum royalty payable for the royalty return period is not paid in full on the lodgement day, unpaid tax interest accrues on the total amount unpaid, from time to time, for the period— starting on, and including, the day after the lodgement day; and ending on, and including, the day the total amount is paid in full. (sec.56-ssec.4) In this section— lodgement day means the day a petroleum royalty return must be lodged for a royalty return period, disregarding any extension given under the Taxation Administration Act 2001 , section 151 .

• (a) petroleum royalty is payable by a person under section 41 (1) for a royalty return period that is a calendar quarter; and