TAXATION (INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS) ACT 1983

PART IIB - INTEREST ON OVERPAYMENTS RESULTING FROM ASSESSMENTS  

SECTION 8E   ENTITLEMENT TO INTEREST - ORDINARY TAXPAYERS  

8E(1)  
If:


(a) a person who is not a full self-assessment taxpayer furnishes a return of income for a year of income; and


(b) an assessment is made of the income tax payable by the person for the year of income; and


(c) the notice of assessment notifies that the Commissioner has credited, applied or refunded (which crediting, applying or refunding is the notice crediting ) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of income; and


(d) the sum of the income tax crediting amounts in paragraph (c) exceeds the sum of the following amounts:


(i) income tax payable under the assessment (after allowing any rebate, except a tax offset that is subject to the refundable tax offset rules, or deduction under subsection 100(2) of the Tax Act and before allowing any crediting, applying or other payment);

(ii) (Repealed by No 101 of 2006 )

(iii) a compulsory repayment amount that is notified in the notice of assessment;

(iiiaa) a compulsory VETSL repayment amount that is notified in the notice of assessment;

(iiia) a compulsory SSL repayment amount that is notified in the notice of assessment;

(iiib) a compulsory ABSTUDY SSL repayment amount that is notified in the notice of assessment;

(iiic) a compulsory TSL repayment amount that is notified in the notice of assessment;

(iv) an FS assessment debt that is notified in the notice of assessment;

(iva) a liability under section 282-18 of the Private Health Insurance Act 2007 that is notified in the notice of assessment;

(v) interest for the year of income payable by the person under section 102AAM of the Tax Act immediately before the notice crediting; and


(e) the notice crediting occurs more than 30 days or more after the day on which the person furnishes the return of income;

interest is payable by the Commissioner to the person on the excess mentioned in paragraph (d), calculated in respect of the period applicable under section 8F at the rate specified in section 8I .

Note:

Division 67 of the Income Tax Assessment Act 1997 lists the tax offsets that are subject to the refundable tax offset rules.

8E(2)  
If:


(a) a person who is not a full self-assessment taxpayer furnishes a return of income for a year of income; and


(b) an assessment is made of the income tax payable by the person for the year of income; and


(c) after the notice of assessment is issued to the person, the Commissioner credits, applies or refunds (which crediting, applying or refunding is a post-notice crediting ) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of income; and


(d) the sum of the income tax crediting amounts in paragraph (c) exceeds the sum of the following amounts:


(i) income tax payable for the year of income by the person immediately before the post-notice crediting;
Note:

This is the amount payable under the assessment for the year of income as reduced by any rebate, deduction under subsection 100(2) of the Tax Act, crediting, applying or other payment made before the post-notice crediting.


(ii) (Repealed by No 101 of 2006 )

(iii) a compulsory repayment amount, worked out by reference to the person ' s taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iiiaa) a compulsory VETSL repayment amount, worked out by reference to the person ' s taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iiia) a compulsory SSL repayment amount, worked out by reference to the person ' s taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iiib) a compulsory ABSTUDY SSL repayment amount, worked out by reference to the person ' s taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iiic) a compulsory TSL repayment amount, worked out by reference to the person ' s taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iv) an FS assessment debt, worked out by reference to the person ' s taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iva) a liability under section 282-18 of the Private Health Insurance Act 2007 , payable by the person immediately before the post-notice crediting;

(v) interest for the year of income payable by the person under section 102AAM of the Tax Act immediately before the post-notice crediting;

interest is payable by the Commissioner to the person on the excess mentioned in paragraph (d), calculated in respect of the period applicable under section 8F at the rate specified in section 8I .




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