TAXATION (INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS) ACT 1983
PART IIIAA
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DELAYED REFUND INTEREST ON RUNNING BALANCE ACCOUNT (RBA) SURPLUSES
If:
(a) the Commissioner has allocated a payment to an RBA of an entity; and
(b) the Commissioner has allocated or intends to allocate a BAS amount or petroleum resource rent tax amount to that RBA; and
(c) under subsection 8AAZLF(2) of the Taxation Administration Act 1953 , the Commissioner, as a result of a request by the entity, is required to refund the whole or part of an RBA surplus for that RBA; and
(d) the refund takes place after the RBA interest day;
SECTION 12AC
12AC
ENTITLEMENT TO INTEREST FOR RBA SURPLUSES AFTER REQUEST FOR REFUND
If:
(a) the Commissioner has allocated a payment to an RBA of an entity; and
(b) the Commissioner has allocated or intends to allocate a BAS amount or petroleum resource rent tax amount to that RBA; and
(c) under subsection 8AAZLF(2) of the Taxation Administration Act 1953 , the Commissioner, as a result of a request by the entity, is required to refund the whole or part of an RBA surplus for that RBA; and
(d) the refund takes place after the RBA interest day;
then interest is payable by the Commissioner to the entity on the amount refunded.
Note:
Section 12AF defines BAS amount , petroleum resource rent tax amount , RBA surplus and RBA interest day .
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