Tax Laws Amendment (Improvements to Self Assessment) Act (No. 1) 2005 (Cth)

Tax Laws Amendment (Improvements to Self Assessment) Act (No. 1) 2005

No. 75, 2005

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Shortfall interest charge

Part 1—Shortfall interest charge Taxation Administration Act 1953

Part 2—Consequential amendments Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Taxation Administration Act 1953 Taxation (Interest on Overpayments and Early Payments) Act 1983

Part 3—Application

Schedule 2—Penalties Taxation Administration Act 1953

Tax Laws Amendment (Improvements to Self Assessment) Act (No. 1) 2005

No. 75, 2005

An Act to amend the law relating to taxation, and for related purposes

[Assented to 29 June 2005]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Tax Laws Amendment (Improvements to Self Assessment) Act (No. 1) 2005.

2 Commencement

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

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Shortfall interest charge

Part 1—Shortfall interest charge

Taxation Administration Act 1953

1 Before Division 284 in Schedule 1 Insert:

Division 280—Shortfall interest charge

Table of Subdivisions

Guide to Division 280 280‑A Object of Division 280‑B Shortfall interest charge 280‑C Remitting shortfall interest charge

Guide to Division 280

280‑1 Guide to Division 280

The shortfall interest charge applies to shortfalls of income tax that are revealed when the Commissioner amends your assessment. The charge is applied at a uniform rate that is lower than the general interest charge rate. The Commissioner has a discretion to remit shortfall interest charge.