Superannuation Contributions and Termination Payments Taxes Legislation Amendment Act 1997 (191 of 1997)

Schedule 9  

1   Subsection 12(4)

Repeal the subsection, substitute:

Amendment reducing surcharge

(4) If, as a result of the amendment of the assessment, the amount of surcharge is reduced:

(a) the amount by which the surcharge is reduced is taken never to have been payable; and

(b) the Commissioner must:

(i) refund the amount of any surcharge overpaid; or

(ii) apply that amount against any liability of the taxpayer to the Commonwealth under this Act, and refund to the taxpayer any part of that amount not so applied.