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

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

Commencement

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

Imposition of interest charge

3. 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]