TAXATION ADMINISTRATION ACT 1953
Note: See section 3AA .Chapter 3 - Collection, recovery and administration of other taxes
If a 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.
Interest would not be debited to a debt account that is no longer being kept by the Commissioner because the assessed Division 293 tax liability being tracked in the account has been finally discharged as mentioned in subsection 133-105(3) .Remission of interest - deferral reversal 133-65(2)
The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, from a debt account under subsection (1) if:
(a) the debt account is credited:
(i) under section 133-70 because of a * deferral reversal; or
(ii) because a determination under section 133-10 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 133-65(3)
The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, to a debt account under subsection (1) if the Commissioner is satisfied that, because special circumstances exist, it would be fair and reasonable to do so.