Commonwealth act

Taxation (Interest on Underpayments) Act 1986

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

47 of 1986

Collection

act

Plain English Summary

1/10 complexity

This short Act legally authorises the Australian Taxation Office to charge interest on underpaid income tax by giving effect to the interest calculation in section 170aa of the Income Tax Assessment Act 1936. It affects any individual or business that pays less than the full tax owed and matters because it preserves the ATO’s power to deter late or incorrect payments.

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Current sections

Direct links to the current provisions in Taxation (Interest on Underpayments) Act 1986.

Taxation (Interest on Underpayments) Act 1986

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Taxation (Interest on Underpayments) Act 1986

No. 47 of 1986

An Act to impose an interest charge in respect of underpayments of income tax

[Assented to 24 June 1986]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Taxation (Interest on Underpayments) Act 1986.

Commencement

This Act shall come into operation on the day on which it receives the Royal Assent.

Imposition of interest charge

Interest that is payable in accordance with section 170aa of the Income Tax Assessment Act 1936 is imposed by this Act.

[Minister’s second reading speech made in—

House of Representatives on 17 April 1986

Senate on 27 May 1986]

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 meta-generator: Aspose.Words for .NET 20.2

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

Taxation (Interest on Underpayments) Act 1986

No. 47 of 1986

An Act to impose an interest charge in respect of underpayments of income tax

[Assented to 24 June 1986]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Taxation (Interest on Underpayments) Act 1986.

Commencement

This Act shall come into operation on the day on which it receives the Royal Assent.

Imposition of interest charge

Interest that is payable in accordance with section 170aa of the Income Tax Assessment Act 1936 is imposed by this Act.

[Minister’s second reading speech made in—

House of Representatives on 17 April 1986

Senate on 27 May 1986]