292415 Superannuation provider given release authority must pay amount Operative provisions 292385 Due date for payment of excess nonconcessional contributions tax nonconcessional contributions tax assessed for a person for *Excess a year is due and payable at the end of 21 days the *financial Commissioner gives the person notice of the *excess nonconcessional contributions tax assessment. 292390 General interest charge If nonconcessional contributions tax or interest *excess *shortfall charge payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the *general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day on which the excess nonconcessional contributions tax or shortfall interest charge was due to be paid; and (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: excess nonconcessional contributions tax or shortfall interest charge; (ii) general interest charge on any of the excess nonconcessional contributions tax or shortfall interest charge. Note: The general interest charge is worked out Part IIA of the Taxation Administration Act 1953. 292395 Refunds of amounts overpaid Section 172 of the applies for the Income Tax Assessment Act 1936 purposes of this Part as if references in that section to tax included references to nonconcessional contributions tax. *excess
292415 Superannuation provider given release authority must pay amount Operative provisions 292385 Due date for payment of excess nonconcessional contributions tax *Excess nonconcessional contributions tax assessed for a person for a *financial year is due and payable at the end of 21 days the Commissioner gives the person notice of the *excess nonconcessional contributions tax assessment. 292390 General interest charge If *excess nonconcessional contributions tax or *shortfall interest charge payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the *general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day on which the excess nonconcessional contributions tax or shortfall interest charge was due to be paid; and (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: excess nonconcessional contributions tax or shortfall interest charge; (ii) general interest charge on any of the excess nonconcessional contributions tax or shortfall interest charge. Note: The general interest charge is worked out Part IIA of the Taxation Administration Act 1953. 292395 Refunds of amounts overpaid Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if references in that section to tax included references to *excess nonconcessional contributions tax.
Income_Tax_Assessment_Act_1997_Super_Extract-1.docx