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 2   TAXATION (INTEREST ON OVERPAYMENTS) ACT 1983

9   Subsection 3(1)

Insert:

"'double tax agreement' means an agreement within the meaning of the Income Tax (International Agreements) Act 1953;

'final instalment day' means:

(a) in relation to a year of income of a relevant entity - the day by which the final payment of tax in respect of income of the year of income:

(i) is required to be made under section 221AZD of the Tax Act (as affected by sections 221AN and 221AU of that Act); or

(ii) would be required to be made under that section (as so affected) if the requirements of paragraph (b) of that section were met; and

(b) in relation to a year of income of an instalment taxpayer - the day by which the final instalment for the year of income is liable to be paid under section 221AZK;

'income tax crediting amount', in relation to income tax payable by a person for a year of income, means any amount that is required or permitted to be credited or applied against the income tax under:

(a) section 159GDA, 160AQK, 220AZC, 221AZF, 221AZM, 221H, 221K, 221YE, 221YHG, 221YHZL, 221YT, 221ZG or 221ZT of the Tax Act; or

(b) section 160AN of the Tax Act, provided that, only in the case where the applying of the amount is to provide correlative relief in respect of the taxing of an amount under a law of a foreign country, the following requirements are met:

(i) the law of the foreign country requires the payment of late payment interest in respect of the amount taxed; and

(ii) the late payment interest was paid by the time the applying of the amount took place;

'FS assessment debt' has the meaning given by subsection 3(1) of the Student Assistance Act 1973;

'HEC assessment debt' has the meaning given by subsection 34(1) of the Higher Education Funding Act 1988;

'instalment taxpayer' means an instalment taxpayer within the meaning of section 221AZH of the Tax Act;

'late payment interest', in respect of an amount, means interest payable solely to compensate for the time value of the amount;

'provide correlative relief' has the meaning given by section 3A;

'relevant entity' means a relevant entity within the meaning of section 221AK of the Tax Act;

'Tax Act' means the Income Tax Assessment Act 1936.".