Commonwealth act

Shortfall Interest Charge (Imposition) Act 2005

In ForceCTH

Jurisdiction

Commonwealth

Act Number

76 of 2005

Collection

act

Plain English Summary

4/10 complexity

This Act declares the shortfall interest charge — the amount worked out under Division 280 of Schedule 1 to the Taxation Administration Act 1953 — to be a tax to the extent it cannot validly be imposed otherwise (s 3(1)–(2)). That re‑characterisation means amounts calculated under Division 280 may be collected and treated under Australia’s tax framework when legal form requires it; liable persons are those who owe the shortfall interest under Division 280.

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Current sections

Direct links to the current provisions in Shortfall Interest Charge (Imposition) Act 2005.

Shortfall Interest Charge (Imposition) Act 2005

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View image in the official source

Shortfall Interest Charge (Imposition) Act 2005

No. 76, 2005

An Act to impose shortfall interest charge as a tax in some circumstances

Contents

1 Short title

2 Commencement

3 Imposition

View image in the official source

Shortfall Interest Charge (Imposition) Act 2005

No. 76, 2005

An Act to impose shortfall interest charge as a tax in some circumstances

[Assented to 29 June 2005]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Shortfall Interest Charge (Imposition) Act 2005.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Imposition

(1) Shortfall interest charge is imposed as a tax by this section, but only to the extent to which that charge cannot validly be imposed otherwise than as a tax.

(2) In this section:

shortfall interest charge means the charge worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953.

[Minister’s second reading speech made in—

House of Representatives on 17 March 2005

Senate on 12 May 2005]

(46/05)

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

?xml version="1.0" encoding="utf-8" standalone="no"?>

Shortfall Interest Charge (Imposition) Act 2005

No. 76, 2005

An Act to impose shortfall interest charge as a tax in some circumstances

Contents

1 Short title

2 Commencement

3 Imposition

Shortfall Interest Charge (Imposition) Act 2005

No. 76, 2005

An Act to impose shortfall interest charge as a tax in some circumstances

[Assented to 29 June 2005]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Shortfall Interest Charge (Imposition) Act 2005.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Imposition

(1) Shortfall interest charge is imposed as a tax by this section, but only to the extent to which that charge cannot validly be imposed otherwise than as a tax.

(2) In this section:

shortfall interest charge means the charge worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953.

[Minister’s second reading speech made in—

House of Representatives on 17 March 2005

Senate on 12 May 2005]

(46/05)