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.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.