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 134 - Division 296 tax  

Subdivision 134-B - Division 296 debt account  

Operative provisions

SECTION 134-65   INTEREST ON DIVISION 296 DEBT ACCOUNT BALANCE  

Interest to be debited at end of financial year

134-65(1)    
If a * Division 296 debt account for a * superannuation interest is in debit at the end of a * financial year, the Commissioner is to debit the account for interest on the amount by which the account is in debit, calculated at the * long term bond rate for that financial year.

Note:

Interest would not be debited to a Division 296 debt account that is no longer being kept by the Commissioner because the assessed Division 296 tax liability being tracked in the account has been finally discharged as mentioned in subsection 134-105(3) .

Remission of interest - Division 296 deferral reversal

134-65(2)    
The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, to a * Division 296 debt account under subsection (1) if:

(a)    the Division 296 debt account is credited:

(i) under section 134-70 because of a * Division 296 deferral reversal; or

(ii) because a determination under section 134-10 is varied or revoked; and

(b)    the Commissioner is satisfied that, because of that credit, it would be fair and reasonable to do so.

Remission of interest - special circumstances

134-65(3)    
The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, to a * Division 296 debt account under subsection (1) if the Commissioner is satisfied that, because special circumstances exist, it would be fair and reasonable to do so.