TAXATION (INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS) ACT 1983

PART IIIAA - DELAYED REFUND INTEREST ON RUNNING BALANCE ACCOUNT (RBA) SURPLUSES  

SECTION 12AB   12AB   ENTITLEMENT TO INTEREST FOR RBA SURPLUSES AFTER REQUEST FOR REMISSION  


If:


(a) the Commissioner has allocated a BAS amount or petroleum resource rent tax amount to an RBA of an entity; and


(b) the entity requests the Commissioner to remit a penalty of which the entity has been notified by the Commissioner; and


(c) as a result of the Commissioner remitting the penalty, the Commissioner is required, under subsection 8AAZLF(1) of the Taxation Administration Act 1953 , to refund to the entity 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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