56Instalment arrangements

56 Instalment arrangements (1) The Commissioner may approve an arrangement for payment of tax by instalments. (2) An instalment arrangement must be in writing and state the conditions applying to it. (3) An instalment arrangement has effect according to its terms. (4) An instalment arrangement must provide for the payment of interest at the statutory interest rate from the due date until the tax is paid under the arrangement. (4A) However, if satisfied that it is appropriate to do so, the Commissioner may remit, in whole or part, interest payable under an instalment arrangement. (5) The Commissioner may, at any time, by notice given to the taxpayer, terminate an instalment arrangement. (6) If the Commissioner terminates an instalment arrangement, amounts outstanding under the arrangement are immediately payable by the taxpayer to the Commissioner.