Taxation Administration Act 1953

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

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-1 - RETURNS AND ASSESSMENTS  

Division 155 - Assessments  

Subdivision 155-B - Amending assessments  

General rules

SECTION 155-75   REFUNDS OF AMOUNTS OVERPAID  

155-75(1)  
This section applies if:

(a) an assessment of an * assessable amount of yours is amended; and

(b) as a result of the amendment, a * tax-related liability (the earlier liability ) of yours is reduced.

155-75(2)  
For the purposes of any * taxation law that applies the * general interest charge, the amount by which the * tax-related liability is reduced is taken never to have been payable.

Note 1:

The general interest charge is worked out under Part IIA of this Act.

Note 2:

Subsection 8AAB(4) of this Act lists the provisions that apply the charge.

155-75(3)  
The Commissioner must apply the amount of any * tax-related liability overpaid in accordance with Divisions 3 and 3A of Part IIB of this Act (about running balance accounts and the application of payments and credits).

155-75(4)  
However, if:

(a) a later amendment of an assessment of an * assessable amount is made; and

(b) all or some of your earlier liability in relation to a particular is reinstated;

this section is taken not to have applied to the extent that the earlier liability is reinstated.