Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-20 - SUPERANNUATION  

Division 131 - Releasing money from superannuation  

Subdivision 131-A - Releasing money from superannuation  

Consequences of releasing amounts

SECTION 131-70   INTEREST FOR LATE PAYMENTS OF MONEY RECEIVED BY THE COMMISSIONER IN ACCORDANCE WITH RELEASE AUTHORITY  

131-70(1)  
You are entitled to an amount of interest worked out under subsection (2) if:


(a) the Commissioner is required under Division 3A of Part IIB to refund all or part of a credit you are entitled to under section 131-65 ; and


(b) the Commissioner does not so refund all or part of that credit within 60 days after receiving the payment that gave rise to the credit.

131-70(2)  
The interest is to be calculated:


(a) on so much of the amount of the credit as the Commissioner fails to refund under that Division; and


(b) for the period:


(i) beginning 60 days after the day the Commissioner receives the amount; and

(ii) ending on the day the Commissioner refunds the amount mentioned in paragraph (1)(a); and


(c) on a daily basis; and


(d) at the *base interest rate for the day the interest is calculated.




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