21Payment of the general interest charge if liability increased by an amendment of an assessment

21 Payment of the general interest charge if liability increased by an amendment of an assessment

(1) If an amendment of an assessment increasing a person’s liability to pay surcharge for a financial year is made, the person is liable to pay the general interest charge on the amount of the increase for each day in the period that: (a) started at the beginning of 15 June in the financial year; and (b) finishes at the end of the day before the amended assessment is made.

Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953.

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.