Shortfall Interest Charge (Imposition) Act 2005

No. 76, 2005

An Act to impose shortfall interest charge as a tax in some circumstances

Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Imposition........................................................................................... 2

Shortfall Interest Charge (Imposition) Act 2005

No. 76, 2005

An Act to impose shortfall interest charge as a tax in some circumstances

[Assented to 29 June 2005]

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Shortfall Interest Charge (Imposition) Act 2005.

2  Commencement

                   This Act commences on the day on which it receives the Royal Assent.

3  Imposition

             (1)  Shortfall interest charge is imposed as a tax by this section, but only to the extent to which that charge cannot validly be imposed otherwise than as a tax.

             (2)  In this section:

shortfall interest charge means the charge worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953.

[Minister’s second reading speech made in—

House of Representatives on 17 March 2005

Senate on 12 May 2005]