13Payment of general interest charge if liability increased by amended assessment

13 Payment of general interest charge if liability increased by amended assessment

Liability to pay general interest charge (1) If an amendment of an assessment increasing a taxpayer’s liability to pay surcharge for a financial year is made, the taxpayer 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 (2) If: (a) the Commissioner has calculated that no surcharge is payable by a taxpayer for a financial year; and (b) the Commissioner afterwards makes an assessment of surcharge payable by the taxpayer for the financial year; that assessment is taken to be an amended assessment.