Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 5   AMENDMENTS RELATING TO THE PAYMENT OF INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS

Part 4   APPLICATION AND TRANSITIONAL

46   Application

(1) The amendment made by item 4 applies to any decision made on or after 1 July 1994 in relation to an assessment in respect of income of the 1993-94 year of income or any later year of income.

(2) The first regulation made for the purposes of paragraph 3A(1)(b) or (2)(b) of the amended Act (see item 10) has effect in relation to the making of any decision, or the applying of any income tax crediting amount, as mentioned in subsection 3A(1) or (2) of that Act where:

(a) the decision is made on or after 1 July 1994 and relates to an assessment in respect of income of any year of income; or

(b) the applying of the income tax crediting amount takes place on or after 1 July 1994 and relates to income tax payable for the 1993-94 year of income or any later year of income.

(3) Part IIA of the amended Act (see item 11) applies to any payment of, or on account of, a tax, a debt, interest, an amount or an instalment mentioned in paragraph 8A(1)(a) of that Act payable in respect of the 1993-94 year of income or any later year of income, where the payment is made on or after 1 July 1994.

(4) Part IIB of the amended Act (see item 11) applies to the crediting, applying or refunding of any income tax crediting amount where:

(a) the income tax crediting amount relates to income tax payable for the 1993-94 year of income or any later year of income; and

(b) the crediting, applying or refunding takes place on or after 1 July 1994. However, if interest would be payable under that Part in respect of any period before 1 July 1994, the interest is not payable in respect of that period.

(5) Subsection 9(1A) (see item 13) and section 11 (see item 20) of the amended Act apply to any decision made on or after 1 July 1994 in relation to an assessment in respect of income of any year of income.

Note: Because of subitem (1), the amendment broadening the definition of "decision to which this Act applies" made by item 4 only applies from the 1993-94 year of income. Subsection 9(1A) and section 11 of the amended Act will therefore apply not only to those decisions, but also to decisions covered by the narrower definition of the term for years of income before

1993-94.

(6) The amendments made by items 16 and 17 apply to interest that becomes payable on or after 1 July 1994 in respect of relevant tax that relates to the 1993-94 year of income or any later year of income.

(7) The amendment made by item 18 applies to interest in respect of periods beginning on or after 1 July 1994, or in respect of periods to the extent that they continue after 30 June 1994.

(8) Part IIIA of the amended Act (see item 22) applies to the remission, refund or crediting of an amount paid in relation to a tax, a debt, interest, an amount or an instalment payable for the 1993-94 year of income or for any later year of income, where the remission, refund or crediting takes place on or after 1 July 1994. However, if interest would be payable under that Part in respect of any period before 1 July 1994, the interest is not payable in respect of that period.

(9) Part IIIB (see item 22) and section 13 (see item 24) of the amended Act apply to interest that becomes payable on or after 1 July 1994.

(10) The amendments made by items 26 to 32, 37, 38 and 42 to 45 apply to interest payable in respect of periods beginning on or after 1 July 1994, or in respect of periods to the extent that they continue after 30 June 1994.

(11) The amendments made by items 33 and 34 apply to the calculation of the nominal interest component under the Superannuation Guarantee (Administration) Act 1992 in relation to an employer for any year (whether commencing before or after the commencement of this Schedule) in respect of any period that commences, or in respect of any period to the extent that it continues, after the commencement of this Schedule.

(12) The amendments made by items 35 and 36 apply to the calculation of additional superannuation guarantee charge under the Superannuation Guarantee (Administration) Act 1992 in respect of any period that commences, or in respect of any period to the extent that it continues, after the commencement of this Schedule.

(13) In this item:

"amended Act" means the Taxation (Interest on Overpayments) Act 1983 as amended by this Schedule.