Ann: Change of Director's Interest Notice , page-7

Hi

The interest component will accrue until the amount due under the assessments are paid - the charge is, of course, for the use of those funds that were properly payable at the time of the initial assessment. The interest charge is very, very rarely waived.

The system, rightly or wrongly, is one of self assessment so it is up to the taxpayer to ensure that returns are submitted in accordance with the law or ATO rulings. Yes, it does make it difficult for future years returns when an issue is in dispute. The prudent approach would be to lodge very conservative returns.

My experience in these matters is that it usually drags on and in the end it will be settled, in the end.

However, the interest clock will continue to countdown if the amended assessments are upheld. Not sure what the amount is now but it use to be bank bill rate + 4%.

all the best