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Taxation (Interest on Underpayments) Act 1986
1Taxation (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]