Taxation (Interest on Overpayments and Early Payments) Act 1983

PART I - PRELIMINARY  

SECTION 1  

1   SHORT TITLE  
This Act may be cited as the Taxation (Interest on Overpayments and Early Payments) Act 1983.

SECTION 2  

2   COMMENCEMENT  
This Act shall be deemed to have come into operation on 14 February 1983.

SECTION 3   INTERPRETATION  

3(1)    


In this Act, unless the contrary intention appears:

Board of Review
(Omitted by No 48 of 1986)

Commissioner
means the Commissioner of Taxation;

compulsory AASL repayment amount
has the same meaning as in the Australian Apprenticeship Support Loans Act 2014.

compulsory ABSTUDY SSL repayment amount
has the same meaning as in the Student Assistance Act 1973.

compulsory repayment amount
has the same meaning as in the Higher Education Support Act 2003.

compulsory SSL repayment amount
has the same meaning as in Chapter 2AA of the Social Security Act 1991.

compulsory TSL repayment amount
(Repealed by No 61 of 2023)

compulsory VETSL repayment amount
has the same meaning as in the VET Student Loans Act 2016.

decision to which this Act applies
means:


(a) a decision of the Commissioner upon an objection; or


(b) a decision of the Tribunal in relation to an objection; or


(c) a decision of a court in relation to:


(i) an objection; or

(ii) a decision of the kind referred to in paragraph (b); or


(caa) a decision under Subdivision 263-A (about foreign revenue claims) in Schedule 1 to the Taxation Administration Act 1953; or


(cab) in a case where the expression is used in relation to relevant tax of a kind referred to in item 91 of the table in section 3C (Pay as you go withholding non-compliance tax) - a decision of the Commissioner under section 18-130 in Schedule 1 to the Taxation Administration Act 1953; or

Note:

Section 18-130 in Schedule 1 to the Taxation Administration Act 1953 requires the Commissioner to give a notice to a director of a company if the Commissioner is satisfied of certain matters.


(ca) in a case where the expression is used in relation to relevant tax of a kind referred to in items 5 to 50 of the table in section 3C - a decision of the Commissioner to amend an assessment made in relation to a taxpayer reducing the liability of the taxpayer to tax; or


(caaa) in a case where the expression is used in relation to relevant tax of a kind referred to in item 60 of the table in section 3C - a decision of the Commissioner to give a notice under subsection 282-18(4) of the Private Health Insurance Act 2007; or


(cb) in a case where the expression is used in relation to fringe benefits tax imposed by the Fringe Benefits Tax Act 1986 - a decision of the Commissioner to amend an assessment made in relation to an employer reducing the liability of the employer to tax, other than:


(i) a decision to give effect to an application or request by or on behalf of the employer for an amendment of the assessment; or

(ii) a decision made in consequence of another decision of the Commissioner to amend another assessment (whether of or by the employer or of another person), being another decision that was made to give effect to an application or request by or on behalf of the employer or the other person, as the case may be, for the amendment of the other assessment; or


(d) in a case where the expression is used in relation to relevant tax of a kind referred to in item 120 of the table in section 3C - a decision of the Commissioner to amend an assessment made in relation to a person reducing the liability of the person to relevant tax or other tax, other than:


(i) a decision to give effect to an application or request by or on behalf of the person for an amendment of the assessment; or

(ii) a decision made in consequence of another decision of the Commissioner to amend another assessment (whether of the person or of another person), being another decision that was made to give effect to an application or request by or on behalf of the person or the other person, as the case may be, for the amendment of the other assessment.


(e) (Repealed by No 101 of 2006)

Deputy Commissioner
means a Deputy Commissioner of Taxation;

diverted profits tax
has the same meaning as in the Income Tax Assessment Act 1997.

double tax agreement
means an agreement within the meaning of the International Tax Agreements Act 1953;

FS assessment debt
means an FS assessment debt under:


(a) subsection 19AB(2) of the Social Security Act 1991; or


(b) the Student Assistance Act 1973 as in force at a time on or after 1 July 1998.

 View history note

full self-assessment taxpayer
has the same meaning as in subsection 6(1) of the Tax Act.

HEC assessment debt
(Repealed by No 56 of 2010)

income tax
means:


(a) income tax as defined in subsection 6(1) of the Tax Act; or


(b) Medicare Levy payable in accordance with Part VIIB of the Tax Act;

income tax crediting amount
, in relation to income tax payable by a person for a year of income, means:


(a) any amount of a credit that does not arise under any of the following:


(i) Division 770 of the Income Tax Assessment Act 1997;

(ii) section 131-65 in Schedule 1 to the Taxation Administration Act 1953;

(iii) the International Tax Agreements Act 1953; or


(b) any offset under former section 160AQK of the Tax Act; or


(c) any tax offset that is subject to the refundable tax offset rules.

Note 1:

Division 67 of the Income Tax Assessment Act 1997 lists the tax offsets that are subject to the refundable tax offset rules.

Note 2:

For credits that arise under section 18-170 or 18-175 in Schedule 1 to the Taxation Administration Act 1953, see subsection (3) of this section.

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

objection
means a taxation objection within the meaning of Part IVC of the Taxation Administration Act 1953.

person
includes:


(a) a body politic; and


(b) a body corporate; and


(c) a partnership; and


(d) any other unincorporated association or body of persons;

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

relevant tax
has the meaning given by section 3C.

Second Commissioner
means a Second Commissioner of Taxation;

Tax Act
means the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997;

Tribunal
means the Administrative Appeals Tribunal;

year of income
means year of income as defined in subsection 6(1) of the Tax Act.

3(2)    
A reference in this Act to a liability of a person to the Commonwealth is a reference to a liability of a person to the Commonwealth arising under, or by virtue of, an Act of which the Commissioner has the general administration. Credits under section 18-170 or 18-175 in Schedule 1 to the Taxation Administration Act 1953

3(3)    


To avoid doubt, for the purposes of this Act, a credit of an individual that arises under section 18-170 or 18-175 in Schedule 1 to the Taxation Administration Act 1953 relates to the income tax payable by the individual for the year of income in which the individual becomes entitled to the credit.
Note:

Subdivision 18-D in Schedule 1 to the Taxation Administration Act 1953 provides that a director, or an associate of a director, of a company that does not comply with its obligations under Part 2-5 (Pay as you go (PAYG) withholding) must pay Pay as you go withholding non-compliance tax in certain circumstances. Sections 18-170 and 18-175 entitle the director or associate to a credit if the company subsequently complies with its obligations.

3(4)    
(Repealed by No 101 of 2006)

SECTION 3A   PROVISION OF CORRELATIVE RELIEF  

3A(1)    
For the purposes of this Act, a decision to which this Act applies is made to provide correlative relief for juridical double taxation in respect of the taxing of an amount under a law of a foreign country if:


(a) there is a double tax agreement applying to Australia and the foreign country; and


(b) a provision of the double tax agreement has been prescribed, or the manner of operation of a provision of the double tax agreement has been prescribed, for the purposes of this paragraph; and


(c) the decision is made, or the applying of the income tax crediting amount takes place, in giving effect, or in circumstances that would enable effect to be given, to the provision mentioned in paragraph (b), or to that provision in its operation in the prescribed manner, as a result of the taxing of the amount under the law of the foreign country.

3A(1A)    


For the purposes of this Act, a decision to which this Act applies is made to provide correlative relief for economic double taxation if:


(a) there is a double tax agreement applying to Australia and one of the following (a treaty partner ):


(i) a foreign country or a constituent part of a foreign country;

(ii) an overseas territory; and


(b) the treaty partner taxes profits, or purports to tax profits, in accordance with, or consistent with the principles of:


(i) if the treaty partner is the United Kingdom - Article 9 of the United Kingdom convention (within the meaning of the International Tax Agreements Act 1953); or

(ii) otherwise - a corresponding provision of another double tax agreement; and
Note:

Article 9 of the United Kingdom convention deals with profits of associated enterprises.


(c) the decision is made in giving effect to subsection 24(3) of that Act.

3A(2)    


For the purposes of this Act, a decision to which this Act applies is also made to provide correlative relief in respect of the taxing of an amount under a law of a foreign country (the primary foreign country ) if:


(a) there is no double tax agreement applying to Australia and the primary foreign country; and


(b) a provision of a double tax agreement applying to Australia and a foreign country other than the primary foreign country has been prescribed, or the manner of operation of a provision of such an agreement has been prescribed, for the purposes of this paragraph; and


(c) the decision is made in circumstances that would enable effect to be given to the provision mentioned in paragraph (b), or to that provision in its operation in the prescribed manner, as a result of the taxing of the amount under the law of the primary foreign country, if the double tax agreement had instead applied to Australia and the primary foreign country.

SECTION 3B  

3B   APPLICATION OF THE CRIMINAL CODE  
Chapter 2 of the Criminal Code applies to all offences against this Act.

Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

SECTION 3C  

3C   MEANING OF RELEVANT TAX  


In this Act:

relevant tax
means any of these:


Relevant taxes
Item Type of tax
5 Tax as defined in subsection 6(1) of the Tax Act
10 (Repealed by No 101 of 2006)
15 General interest charge under former section 170AA of the Income Tax Assessment Act1936
20 Shortfall interest charge under Division 280 in Schedule 1 to the Taxation Administration Act 1953
25 Interest under section 102AAM of the Tax Act
30 Diverted profits tax
35 (Repealed by No 101 of 2006)
40 (Repealed by No 56 of 2010)
45 Amounts that are treated under Subdivision 154-D of the Higher Education Support Act 2003 as if they were income tax
45A Amounts that are treated under Division 6 of Part 3A of the VET Student Loans Act 2016 as if they were income tax
46 Amounts that are treated under Part 2AA.5 of the Social Security Act 1991 as if they were income tax
47 Amounts that are treated under Division 6 of Part 2 of the Student Assistance Act 1973 as if they were income tax
48 Amounts that are treated under Part 3.3 of the Australian Apprenticeship Support Loans Act 2014 as if they were income tax
50 Amounts that are treated under section 12ZN of the Student Assistance Act 1973 as if they were income tax
55 Withholding tax as defined in subsection 6(1) of the Tax Act
60 Liabilities under section 282-18 of the Private Health Insurance Act 2007
61 to 75 (Repealed by No 101 of 2006)
80 An amount payable to the Commissioner under section 16-80 in Schedule 1 to the Taxation Administration Act 1953
85 An amount payable to the Commissioner under subsection 222AJA(3) of the Tax Act
90 An amount payable to the Commissioner under Subdivision 16-A (other than section 16-50) in Schedule 1 to the Taxation Administration Act 1953
91 Pay as you go withholding non-compliance tax
92 An amount payable to the Commissioner under Subdivision 263-A (about foreign revenue claims) in Schedule 1 to the Taxation Administration Act 1953
95 Trust recoupment tax, applied penalty tax or penalty tax, as defined in subsection 3(1) of the Trust Recoupment Tax Assessment Act 1985
100 (Repealed by No 101 of 2006)
105 (Repealed by No 101 of 2006)
110 Tax, or additional tax, referred to in subsection 93(1) of the Fringe Benefits Tax Assessment Act 1986
115 (Repealed by No 101 of 2006)
120 Tax within the meaning of subsection 85(1) of the Petroleum Resource Rent Tax Assessment Act 1987
125 (Repealed by No 101 of 2006)
130 (Repealed by No 101 of 2006)
135 (Repealed by No 101 of 2006)
140 (Repealed by No 101 of 2006)
145 Indirect tax within the meaning of subsection 995-1(1) of the Income Tax Assessment Act 1997
150 A penalty or charge payable under Subdivision 105-D in Schedule 1 to the Taxation Administration Act 1953
155 GST assessed under the A New Tax System (Goods and Services Tax) Act 1999
160 (Repealed by No 96 of 2014)

3C(2)    
(Repealed by No 96 of 2014)

PART II - ADMINISTRATION  

SECTION 4  

4   GENERAL ADMINISTRATION OF ACT  
The Commissioner has the general administration of this Act.

Note:

An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.

5   (Repealed) SECTION 5 SECOND COMMISSIONER  
(Repealed by No 123 of 1984)

6   (Repealed) SECTION 6 REFERENCES TO COMMISSIONER  
(Repealed by No 123 of 1984)

SECTION 7   ANNUAL REPORT  

7(1)   [Report to Minister]  

The Commissioner shall, as soon as practicable after 30 June in each year, prepare and furnish to the Minister a report on the working of this Act.

7(2)   [Report to Parliament]  

The Minister shall cause a copy of a report furnished to him or her under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which he or she receives the report.

7(3)   [Periodic report]  

For the purposes of section 34C of the Acts Interpretation Act 1901, a report that is required by subsection (1) to be furnishedas soon as practicable after 30 June in a year shall be taken to be a periodic report relating to the working of this Act during the year ending on that 30 June.

8   (Repealed) SECTION 8 SECRECY  
(Repealed by No 145 of 2010)

PART IIA - INTEREST ON EARLY PAYMENTS  

SECTION 8A   ENTITLEMENT TO INTEREST  

8A(1)    
If:

(a)    

a person makes a payment of, or on account of:

(i) income tax; or

(ia) shortfall interest charge under Division 280 in Schedule 1 to the Taxation Administration Act 1953; or

(ii) (Repealed by No 56 of 2010)

(iia) compulsory repayment amount; or

(iiaa) compulsory VETSL repayment amount; or

(iib) compulsory SSL repayment amount; or

(iic) compulsory ABSTUDY SSL repayment amount; or

(iid) compulsory AASL repayment amount; or

(iii) FS assessment debt; or

(iv) (Repealed by No 101 of 2006)

(v) interest under section 102AAM of the Tax Act; or

(va) a penalty under former section 163A of the Tax Act; or

(vb) general interest charge under former section 163B, or former section 170AA, of the Tax Act; and

(vi)-(x) (Repealed by No 101 of 2006)

(b)    

the payment is made more than 14 days before the day (the appropriate due day ) on which the tax, debt, interest, amount or instalment concerned becomes due and payable;

interest is payable by the Commissioner to the person on the payment, calculated in respect of the period applicable under section 8B at the rate specified in section 8C.

8A(2)    


A reference in paragraph (1)(a) to a person making a payment of, or on account of:

(a)    income tax; or

(b)    

(Repealed by No 56 of 2010)

(ba)    compulsory repayment amount; or

(baa)    

compulsory VETSL repayment amount; or

(bb)    

compulsory SSL repayment amount; or

(bc)    

compulsory ABSTUDY SSL repayment amount; or

(bd)    

compulsory AASL repayment amount; or

(c)    FS assessment debt;

does not include a reference to the making of a deduction or payment under Part VI (other than Division 1) of theTax Act.

8A(3)    
A reference in paragraph (1)(a) to a person making a payment of, or on account of, any thing listed in any of the subparagraphs of that paragraph does not include a reference to the person being deemed or taken, by the Tax Act or any other Act, to have paid the thing because of the crediting or applying of any relevant tax, income tax crediting amount or other payment.

SECTION 8B   INTEREST PERIOD  

8B(1)   [Period when interest payable]  

Subject to subsection (2), interest under section 8A is payable to a person for the period:


(a) if the person is not a full self-assessment taxpayer - from the beginning of the later of the following days:


(i) the day on which the payment is made;

(ii) the day on which the notice notifying the tax, debt, interest or instalment concerned is issued; and


(b) if the person is a full self-assessment taxpayer - from the beginning of the day on which the payment is made;

until the end of the appropriate due day.

8B(2)   [Payment refunded before due day]  

If the payment is to any extent refunded before the appropriate due day, interest is not payable on the payment to that extent in respect of any period after the day on which the refund takes place.

SECTION 8C  

8C   RATE OF INTEREST  


Interest under section 8A is payable at the base interest rate (within the meaning of the Tax Act).

SECTION 8D  

8D   NO DOUBLE ENTITLEMENT TO INTEREST  
If:


(a) interest is payable under this Part on a payment in respect of a period; and


(b) interest is also payable under Part IIIA on the whole or part of the payment in respect of the whole or part of the period;

then interest is not payable under this Part on the whole or part of the payment in respect of the whole or part of the period.

PART IIB - INTEREST ON OVERPAYMENTS RESULTING FROM ASSESSMENTS  

SECTION 8E   ENTITLEMENT TO INTEREST - ORDINARY TAXPAYERS  

8E(1)    
If:

(a)    

a person who is not a full self-assessment taxpayer furnishes a return of income for a year of income; and

(b)    an assessment is made of the income tax payable by the person for the year of income; and

(c)    the notice of assessment notifies that the Commissioner has credited, applied or refunded (which crediting, applying or refunding is the notice crediting ) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of income; and

(d)    

the sum of the income tax crediting amounts in paragraph (c) exceeds the sum of the following amounts:

(i) income tax payable under the assessment (after allowing any rebate, except a tax offset that is subject to the refundable tax offset rules, or deduction under subsection 100(2) of the Tax Act and before allowing any crediting, applying or other payment);

(ii) (Repealed by No 101 of 2006)

(iii) a compulsory repayment amount that is notified in the notice of assessment;

(iiiaa) a compulsory VETSL repayment amount that is notified in the notice of assessment;

(iiia) a compulsory SSL repayment amount that is notified in the notice of assessment;

(iiib) a compulsory ABSTUDY SSL repayment amount that is notified in the notice of assessment;

(iiic) a compulsory AASL repayment amount that is notified in the notice of assessment;

(iv) an FS assessment debt that is notified in the notice of assessment;

(iva) a liability under section 282-18 of the Private Health Insurance Act 2007 that is notified in the notice of assessment;

(v) interest for the year of income payable by the person under section 102AAM of the Tax Act immediately before the notice crediting; and

(e)    the notice crediting occurs more than 30 days or more after the day on which the person furnishes the return of income;

interest is payable by the Commissioner to the person on the excess mentioned in paragraph (d), calculated in respect of the period applicable under section 8F at the rate specified in section 8I.

Note:

Division 67 of the Income Tax Assessment Act 1997 lists the tax offsets that are subject to the refundable tax offset rules.

8E(2)    
If:

(a)    

a person who is not a full self-assessment taxpayer furnishes a return of income for a year of income; and

(b)    an assessment is made of the income tax payable by the person for the year of income; and

(c)    after the notice of assessment is issued to the person, the Commissioner credits, applies or refunds (which crediting, applying or refunding is a post-notice crediting ) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of income; and

(d)    

the sum of the income tax crediting amounts in paragraph (c) exceeds the sum of the following amounts:

(i) income tax payable for the year of income by the person immediately before the post-notice crediting;
Note:

This is the amount payable under the assessment for the year of income as reduced by any rebate, deduction under subsection 100(2) of the Tax Act, crediting, applying or other payment made before the post-notice crediting.


(ii) (Repealed by No 101 of 2006)

(iii) a compulsory repayment amount, worked out by reference to the person's taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iiiaa) a compulsory VETSL repayment amount, worked out by reference to the person's taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iiia) a compulsory SSL repayment amount, worked out by reference to the person's taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iiib) a compulsory ABSTUDY SSL repayment amount, worked out by reference to the person's taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iiic) a compulsory AASL repayment amount, worked out by reference to the person's taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iv) an FS assessment debt, worked out by reference to the person's taxable income of the year of income, payable by the person immediately before the post-notice crediting;

(iva) a liability under section 282-18 of the Private Health Insurance Act 2007, payable by the person immediately before the post-notice crediting;

(v) interest for the year of income payable by the person under section 102AAM of the Tax Act immediately before the post-notice crediting;

interest is payable by the Commissioner to the person on the excess mentioned in paragraph (d), calculated in respect of the period applicable under section 8F at the rate specified in section 8I.

SECTION 8F   INTEREST PERIOD - ORDINARY TAXPAYERS  

8F(1)   [Interest for period until notice of assessment issued]  

If subsection 8E(1) applies, the interest is payable on the excess mentioned in paragraph 8E(1)(d) for the period from the beginning of the 30th day after the day on which the person furnishes the return of income until the end of the day on which the notice of assessment is issued.

8F(2)   [Interest for period until post-notice crediting occurs]  

If subsection 8E(2) applies and subsection (3) of this section does not apply, the interest is payable on the excess mentioned in paragraph 8E(2)(d) for the period from the beginning of the day on which the notice of assessment is issued until the end of the day on which the post-notice crediting occurs.

8F(3)   [Payments made after notice of assessment issued and before post-notice crediting]  

If:


(a) subsection 8E(2) applies; and


(b) one or more payments have been made (including any taken to have been made because of the crediting or applying of any amount) of any amounts mentioned in subparagraphs 8E(1)(d)(i) to (v) (including those amounts as increased or decreased for any reason) after the notice of assessment is issued and before the post-notice crediting;

the interest is payable:


(c) on so much of the excess as is attributable to a particular payment mentioned in paragraph (b) - for the period from the beginning of the day on which the payment was made until the end of the day on which the post-notice crediting occurs; and


(d) on so much of the excess as is not attributable to payments mentioned in paragraph (b) - for the period from the beginning of the day on which the notice of assessment is issued until the end of the day on which the post-notice crediting occurs.

8F(4)   [Excess attributable to particular payment]  

For the purposes of subsection (3), but subject to subsection (5), the excess is attributable to a particular payment to the extent that it would be set off against that payment if it were set off in succession against each of the payments in the reverse of the order in which they were made.

8F(5)  [Payment to be disregarded]  

For the purposes of subsection (4), any payment is to be disregarded to the extent that:


(a) it consists of an amount on which interest is payable under section 9; or


(b) it has been taken into account in any previous application of subsection (4) of this section in relation to a post-notice crediting occurring before the current post-notice crediting.

SECTION 8G   ENTITLEMENT TO INTEREST - FULL SELF-ASSESSMENT TAXPAYERS  

8G(1)   [Interest payable - first crediting]  

If:


(a) a person who is a full self-assessment taxpayer furnishes a return of income for a year of income; and


(b) after the person furnishes the return, the Commissioner credits, applies or refunds (which crediting, applying or refunding is the first crediting ) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of income; and


(c) the Commissioner has not previously credited, applied or refunded any income tax crediting amount in relation to the income tax payable by the person for the year of income; and


(d) the sum of the income tax crediting amounts in paragraph (b) exceeds the sum of the following amounts:


(i) income tax payable by the person for the year of income (after allowing any rebate, except a tax offset that is subject to the refundable tax offset rules, or deduction under subsection 100(2) of the Tax Act and before any crediting, applying or other payment);

(ii) (Repealed by No 101 of 2006)

(iii) interest for the year of income payable by the person under section 102AAM of the Tax Act immediately before the first crediting; and


(e) if the person furnishes the return of income for the year of income 30 days or more before the due date for payment of the assessed tax - the first crediting occurs 30 days or more after the day on which the person furnishes the return; and


(f) if the person furnishes the return of income for the year of income after 30 days or more before the due date for payment of the assessed tax - the first crediting occurs after the due date for payment of the assessed tax;

interest is payable by the Commissioner to the person on the excess mentioned in paragraph (d), calculated in respect of the period applicable under section 8H at the rate specified in section 8I.

Note:

Division 67 of the Income Tax Assessment Act 1997 lists the tax offsets that are subject to the refundable tax offset rules.

8G(2)   [Interest payable - later crediting]  

If:


(a) a person who is a full self-assessment taxpayer furnishes a return of income for a year of income; and


(b) after the first crediting, the Commissioner credits, applies or refunds (which crediting, applying or refunding is a later crediting ) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of income; and


(c) the sum of the income tax crediting amounts in paragraph (b) exceeds the sum of the following amounts:


(i) income tax payable for the year of income by the person immediately before the later crediting;
Note:

This is the income tax payable for the year of income as reduced by any rebate, deduction under subsection 100(2) of the Tax Act, crediting, applying or other payment made before the later crediting.


(ii) (Repealed by No 101 of 2006)

(iii) interest for the year of income payable by the person under section 102AAM of the Tax Act immediately before the later crediting; and

interest is payable by the Commissioner to the person on the excess mentioned in paragraph (c), calculated in respect of the period applicable under section 8H at the rate specified in section 8I.

SECTION 8H   INTEREST PERIOD - FULL SELF-ASSESSMENT TAXPAYER  

8H(1A)   [When interest is payable]  

If subsection 8G(1) applies to a person who is a full self-assessment taxpayer, the interest is payable on the excess mentioned in paragraph 8G(1)(d) for the period from the beginning of the earlier of the following days:


(a) the 30th day after the day on which the person furnishes the return of income for the year of income;


(b) the due date for payment of the assessed tax;

until the end of the day on which the first crediting occurs.

8H(2A)   [Full self-assessment taxpayers]  

If subsection 8G(2) applies to a person who is a full self-assessment taxpayer and subsection (3) of this section does not apply, the interest is payable on the excess mentioned in paragraph 8G(2)(c) for the period from the beginning of the due date for payment of assessed tax until the end of the day on which the later crediting occurs.

8H(3)   [Payments after first crediting and before later crediting]  

If:


(a) subsection 8G(2) applies; and


(b) one or more payments have been made (including any taken to have been made because of the crediting or applying of any amount) of any amounts mentioned in subparagraphs 8G(1)(d)(i) to (iii) after the first crediting and before the later crediting;

the interest is payable:


(c) on so much of the excess as is attributable to a particular payment mentioned in paragraph (b) -for the period from the beginning of the day on which the payment was made until the end of the day on which the later crediting occurs; and


(d) on so much of the excess as is not attributable to payments mentioned in paragraph (b), for the period from the beginning of the due date for payment of assessed tax until the end of the day on which the later crediting occurs.

8H(4)   [Excess attributable to particular payment]  

For the purposes of subsection (3), but subject to subsection (5), the excess is attributable to a particular payment to the extent that it would be set off against that payment if it were set off in succession against each of the payments in the reverse of the order in which they were made.

8H(5)   [Payment to be disregarded]  

For the purposes of subsection (4), any payment is to be disregarded to the extent that:


(a) it consists of an amount on which interest is payable under section 9; or


(b) it has been taken into account in any previous application of subsection (4) of this section in relation to a later crediting occurring before the current later crediting.

SECTION 8I  

8I   RATE OF INTEREST  


Interest under this Part is payable at the base interest rate (within the meaning of the Tax Act).

8J   (Repealed) SECTION 8J LIMIT ON INTEREST WHERE CORRELATIVE RELIEF IN RESPECT OF FOREIGN TAX  
(Repealed by No 143 of 2007)

SECTION 8K  

8K   INTERPRETATION  
If the crediting, applying or refunding of an income tax crediting amount takes place at different times, the whole of the income tax crediting amount is taken for the purposes of this Part to have been credited, applied or refunded at the earlier or earliest of those times.

PART IIC - INTEREST ON OVERPAYMENTS RESULTING FROM CERTAIN AMENDMENTS OF ASSESSMENTS MADE UNDER THE SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997  

SECTION 8L  

8L   INTERPRETATION  


Expressions used in this Part that are defined in the Superannuation Contributions Tax (Assessment and Collection) Act 1997 have the same meanings as in that Act.

SECTION 8M  

8M   ENTITLEMENT TO INTEREST  


If:


(a) an assessment is made under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 in respect of a person's liability to pay superannuation contributions surcharge or an advance instalment; and


(b) the person has paid the assessed amount of the surcharge or instalment; and


(c) the assessment is amended (otherwise than under section 18 of that Act) reducing the liability of the person to pay surcharge or the instalment;

interest is payable by the Commissioner to the person in accordance with this Part on the amount by which the surcharge or instalment payable by the person under the amended assessment is less than the surcharge or instalment that was paid by the person under the assessment that was amended.

SECTION 8N  

8N   PERIOD OF INTEREST  


The interest is payable for the period that:


(a) started on the later of the following days:


(i) the day on which the amount of the surcharge or advance instalment was paid;

(ii) the day by which the amount of the surcharge or advance instalment was required to be paid; and


(b) ends on the day on which the assessment was amended.

SECTION 8P  

8P   RATE OF INTEREST  


Interest under this Part is payable at the base interest rate (within the meaning of the Tax Act).

(Repealed) PART IID - INTEREST ON OVERPAYMENTS RESULTING FROM CERTAIN AMENDMENTS OF ASSESSMENTS MADE UNDER THE TERMINATION PAYMENTS TAX (ASSESSMENT AND COLLECTION) ACT 1997  

8Q   (Repealed) SECTION 8Q INTERPRETATION  
(Repealed by No 23 of 2018)

8R   (Repealed) SECTION 8R ENTITLEMENT TO INTEREST  
(Repealed by No 23 of 2018)

8S   (Repealed) SECTION 8S PERIOD OF INTEREST  
(Repealed by No 23 of 2018)

8T   (Repealed) SECTION 8T RATE OF INTEREST  
(Repealed by No 23 of 2018)

PART IIE - INTEREST ON OVERPAYMENTS RESULTING FROM CERTAIN AMENDMENTS OF ASSESSMENTS MADE UNDER THE SUPERANNUATION CONTRIBUTIONS TAX (MEMBERS OF CONSTITUTIONALLY PROTECTED SUPERANNUATION FUNDS) ASSESSMENT AND COLLECTION ACT 1997  

SECTION 8U  

8U   INTERPRETATION  


Expressions used in this Part that are defined in the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 have the same meanings as in that Act.

SECTION 8V  

8V   ENTITLEMENT TO INTEREST  


If:


(a) an assessment is made under the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 in respect of a person's liability to pay superannuation contributions surcharge; and


(b) the person has paid the assessed amount of the surcharge; and


(c) the assessment is amended (otherwise than under section 16 of that Act) reducing the liability of the person to pay surcharge;

interest is payable by the Commissioner to the person in accordance with this Part on the amount by which the surcharge payable by the person under the amended assessment is less than the surcharge that was paid by the person under the assessment that was amended.

SECTION 8W  

8W   PERIOD OF INTEREST  


The interest is payable for the period that:


(a) started on the later of the following days:


(i) the day on which the amount of the surcharge was paid;

(ii) the day by which the amount of the surcharge was required to be paid; and


(b) ends on the day on which the assessment was amended.

SECTION 8X  

8X   RATE OF INTEREST  


Interest under this Part is payable at the base interest rate (within the meaning of the Tax Act).

PART IIF - INTEREST ON OVERPAYMENTS RESULTING FROM CERTAIN AMENDMENTS OF ASSESSMENTS MADE UNDER THE SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997  

SECTION 8Y  

8Y   INTERPRETATION  


Expressions used in this Part that are defined in the Superannuation Contributions Tax (Assessment and Collection) Act 1997 have the same meanings as in that Act.

SECTION 8Z  

8Z   ENTITLEMENT TO INTEREST  


If:


(a) an assessment is made under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 in respect of a superannuation provider's liability to pay superannuation contributions surcharge in respect of a person who has failed to provide a tax file number; and


(b) the superannuation provider has paid the assessed amount of the surcharge in respect of the person; and


(c) the assessment is amended under section 18 of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 after the person provides a tax file number reducing the liability of the provider to pay surcharge;

interest is payable by the Commissioner to the superannuation provider in accordance with this Part on the amount by which the surcharge payable by the provider under the amended assessment is less than the surcharge that was paid by the provider under the assessment that was amended.

SECTION 8ZA  

8ZA   PERIOD OF INTEREST  


The interest is payable for the period that:


(a) started on the later of the following days:


(i) the day on which the amount of the surcharge was paid;

(ii) the day by which the amount of the surcharge was required to be paid; and


(b) ends on the day on which the assessment was amended.

SECTION 8ZB  

8ZB   RATE OF INTEREST  


Interest under this Part is payable at the base interest rate (within the meaning of the Tax Act).

PART IIG - INTEREST ON CERTAIN AMOUNTS OF TAX ON NO-TFN CONTRIBUTIONS INCOME OF SUPERANNUATION PROVIDERS  

SECTION 8ZC  

8ZC   INTERPRETATION  


Expressions used in this Part that are defined in the Income Tax Assessment Act 1997 have the same meanings as in that Act.

SECTION 8ZD   ENTITLEMENT TO INTEREST  

8ZD(1)   [Entitlement]  

Interest is payable by the Commissioner to a superannuation provider in accordance with this Part on the amount set out in subsection (2) if:


(a) an individual quoted his or her tax file number to his or her employer at a time before the end of an income year (the past year ); and


(b) the employer was required by section 133 of the Retirement Savings Accounts Act 1997 or section 299C of the Superannuation Industry (Supervision) Act 1993 to inform the superannuation provider of the individual's tax file number by the end of the past year, but did not; and


(c) as a result, a contribution was an amount of no-TFN contributions income of the superannuation provider of the past year; and


(d) an amount of tax (the interest-bearing tax ) payable in respect of that no-TFN contributions income counts towards the tax offset under Subdivision 295-J of the Income Tax Assessment Act 1997 for an income year (the current year ) for the superannuation provider; and


(e) the tax offset under that Subdivision is applied in making an assessment in respect of the superannuation provider for the current year.

8ZD(2)   [Interest]  

The interest is payable on each amount of interest-bearing tax.


SECTION 8ZE  

8ZE   PERIOD OF INTEREST  


The interest is payable for the period that:


(a) started on the later of the following days:


(i) the day on which the amount of interest-bearing tax was paid;

(ii) the day by which the amount of interest-bearing tax was required to be paid; and


(b) ends on the day on which the assessment is made.

SECTION 8ZF  

8ZF   RATE OF INTEREST  


Interest under this Part is payable at the base interest rate (within the meaning of the Tax Act).
Note:

For the meaning of base interest rate see section 8AAD of the Taxation Administration Act 1953.

PART III - INTEREST ON OVERPAYMENTS RESULTING FROM DECISIONS TO WHICH THIS ACT APPLIES  

SECTION 9   ENTITLEMENT TO INTEREST  

9(1)    
Subject to sections 11, 11A and 12 where:


(a) an amount of relevant tax is paid by a person to the Commissioner (in this subsection referred to as the amount paid ); and


(b) as a result of a decision to which this Act applies, the whole or a part of the amount paid is overpaid by the person and is refunded to the person or applied against any liability of the person to the Commonwealth;

interest calculated in accordance with subsections (2) and (3) and sections 10 and 10A is payable by the Commissioner to the person in respect of:


(c) in a case where the whole of the amount paid is so refunded or applied - the amount paid; or


(d) in a case where a part of the amount paid is so refunded or applied - the part of the amount paid so refunded or applied.

9(1A)    
If:


(a) apart from this subsection, subsection (1) would apply to an overpayment; and


(b) the decision to which this Act applies mentioned in that subsection was made wholly or partly to provide correlative relief, for juridical double taxation or economic double taxation, in respect of the taxing of an amount under a law of a foreign country; and


(c) either:


(i) the law of the foreign country did not require the payment of late payment interest in respect of the amount; or

(ii) the law of the foreign country did require the payment of late payment interest but the payment had not been made by the time the decision to which this Act applies was made;

subsection (1) does not apply to the overpayment to the extent to which it is attributable to the provision of the correlative relief.

9(1B)    


Subsection (1) does not apply to an overpayment to the extent that the overpayment results from the person providing or receiving a financial benefit (within the meaning of the Income Tax Assessment Act 1997) under a look-through earnout right (within the meaning of that Act).

9(1C)    
Subsection (1) does not apply to an overpayment to the extent that the overpayment results from paragraph 417-105(a) of the Income Tax Assessment Act 1997 allowing an amount to be deducted from assessable income (within the meaning of that Act) for an earlier year of income.

9(2)    
Where an amount of relevant tax has, whether by agreement or otherwise, been paid by a person to the Commissioner in instalments, each instalment shall, for the purposes of section 10, be treated as a separate amount of relevant tax paid by the person to the Commissioner.

9(3)    
Where:


(a) an amount of relevant tax has, whether by agreement or otherwise, been paid by a person to the Commissioner in instalments; and


(b) as a result of a decision to which this Act applies, a part only of the amount of relevant tax is overpaid by the person and is refunded to the person or applied against any liability of the person to the Commonwealth;

the amount so refunded or applied shall, for the purposes of section 10, be attributed to the instalments in reverse order to the order in which the instalments were paid to the Commissioner.

9(4)    
Where the Commissioner applies an amount that has been paid to him or her by a person against the liability of another person to pay an amount of relevant tax, the other person shall, for the purposes of this Act, be deemed to have paid to the Commissioner, to the extent of the amount so applied and on the day on which the amount is so applied, the amount of relevant tax.

9(6)    
Where:


(a) at a particular time, a company pays an amount of franking deficit tax;


(b) at a later time (in this subsection called the offset time ), the company becomes entitled to a tax offset that is attributable, in whole or in part, to so much of the company's franking deficit tax liability as was discharged by the payment of that amount; and


(c) as a result of a decision to which this Act applies (being a decision made after the offset time), the whole or part of the amount paid by the company is overpaid;

the amount paid by the company shall be taken to have been applied, at the offset time, against a liability of the company to the Commonwealth as a result of that decision.

9(7)    


In subsection (6), franking deficit tax and tax offset have the meanings given by subsection 995-1(1) of the Income Tax Assessment Act 1997. Liabilities under section 282-18 of the Private Health Insurance Act 2007

9(8)    


For the purposes of this section, if:


(a) the Commissioner gives a notice to a person under subsection 282-18(4) of the Private Health Insurance Act 2007; and


(b) the notice states that the person is liable to pay an amount to the Commonwealth under section 282-18 of that Act; and


(c) the person pays the stated amount to the Commissioner; and


(d) the stated amount exceeds the amount the person is liable to pay under that section; and


(e) the excess is refunded to the person or applied against any liability of the person to the Commonwealth;

treat the excess as being overpaid by the person, and so refunded or applied, as a result of the decision of the Commissioner to give the notice.

Note 1:

The decision of the Commissioner to give the notice is a decision to which this Act applies. See section 3.

Note 2:

Liabilities under section 282-18 of the Private Health Insurance Act 2007 are relevant tax. See section 3C.

SECTION 10   AMOUNT OF INTEREST  

10(1)    


Interest payable to a person by virtue of section 9 in respect of an amount of relevant tax, or the part of an amount of relevant tax, refunded to the person, or applied against any liability of the person to the Commonwealth, as a result of a decision to which this Act applies shall be calculated:


(a) in respect of the period that commenced on the later of the following days:


(i) the day on which notice of the assessment, determination or decision, being the assessment, determination or decision in relation to which the decision to which this Act applies was made, was issued to the person by the Commissioner;

(ii) the day on which the amount of relevant tax was paid to the Commissioner;
and ended on the day on which the amount of the relevant tax or the part of the amount of relevant tax, as the case may be, was so refunded or applied; and


(aa) (Repealed by No 101 of 2006)


(b) at the base interest rate (within the meaning of the Tax Act).

10(2)    


For the purposes of subparagraph (1)(a)(i), if the decision to which this Act relates is a decision of the Commissioner under section 18-130 in Schedule 1 to the Taxation Administration Act 1953 in relation to an amount of Pay as you go withholding non-compliance tax, the notice of the decision in relation to which that decision was made is the notice the Commissioner gives to the person under section 18-140 in that Schedule in relation to that amount of tax.

10(3)    
(Omitted by No 181 of 1994)

10(4)    
(Omitted by No 181 of 1994)

SECTION 11  

11   LIMIT ON OVERPAYMENT OF INTEREST WHERE CORRELATIVE RELIEF IN RESPECT OF FOREIGN INCOME TAX  
If:


(a) apart from this section, interest is payable in respect of the whole or part (which whole or part is the overpayment ) of an amount of relevant tax; and


(b) the decision to which this Act applies mentioned in subsection 9(1) was made wholly or partly to provide correlative relief, for juridical double taxation or economic double taxation, in respect of the taxing of an amount under a law of a foreign country; and


(c) as a result, the whole or part (which whole or part is the correlative relief amount ) of the overpayment is attributable to the provision of the correlative relief; and


(d) the interest on the overpayment, to the extent that it is attributable to the correlative relief amount, exceeds the lesser of:


(i) the amount of the late payment interest paid in respect of the amount taxed under the law of the foreign country, expressed in Australian currency at the exchange rate applicable at the time when the taxing of the amount under the law of the foreign country takes place;
Note:

Such interest must have been paid or subsection 9(1A) would prevent the correlative relief amount from attracting interest under this Part.


(ii) the correlative relief amount;

the interest otherwise payable on the overpayment is reduced by the amount of the excess in paragraph (d).


11A   (Repealed) SECTION 11A ADJUSTMENT WHERE AMOUNT TO BE PAID BY, OR REFUNDED TO, PERSON DOES NOT EXCEED 49 CENTS  
(Repealed by No 181 of 1994)

PART IIIA - INTEREST ON OVERPAYMENTS RESULTING FROM CERTAIN REMISSIONS AND REFUNDS  

SECTION 12A   ENTITLEMENT TO INTEREST  

12A(1)    


If:

(a)    

the Commissioner, as a result of a request by a person:

(i) remits, under section 8AAG of, the Taxation Administration Act 1953, the whole or part of an amount that has been paid to the Commissioner in respect of general interest charge payable under former section 163AA of the Tax Act or section 5-15 of the Income Tax Assessment Act 1997; or

(ia) remits, under section 280-160 in Schedule 1 to the Taxation Administration Act 1953, the whole or part of an amount that has been paid to the Commissioner in respect of shortfall interest charge payable under Division 280 in that Schedule; or

(ii)-(iii) (Repealed by No 101 of 2006)

(iiia) (Repealed by No 179 of 1999)

(iv) refunds the whole or part of a payment made by a person on account of something listed in subsection (1A); and

(b)    

the remission or refund takes place more than 30 days after the day on which the request is made;

interest is payable by the Commissioner to the person on the amount remitted or refunded, calculated in respect of the period applicable under section 12B at the rate specified in section 12C.

12A(1A)    


For the purposes of subparagraph (1)(a)(iv), the following are listed:

(a)    income tax;

(b)    compulsory repayment amount;

(baa)    

compulsory VETSL repayment amount;

(ba)    

compulsory SSL repayment amount;

(bb)    

compulsory ABSTUDY SSL repayment amount;

(c)    compulsory AASL repayment amount;

(d)    FS assessment debt;

(e)    interest under section 102AAM of the Tax Act.

12A(2)    


A reference in subparagraph (1)(a)(iv) to a person making a payment on account of something listed in subsection (1A) does not include a reference to the making of a deduction or payment under Division 5 of the Tax Act.

SECTION 12B  

12B   PERIOD OF INTEREST  


The interest is payable for the period from the beginning of the 30th day after the day on which the request was made until the end of the day on which the remission or refund takes place.

SECTION 12C  

12C   RATE OF INTEREST  


Interest under this Part is payable at the base interest rate (within the meaning of the Tax Act).

PART IIIAA - DELAYED REFUND INTEREST ON RUNNING BALANCE ACCOUNT (RBA) SURPLUSES  

SECTION 12AA  

12AA   ENTITLEMENT TO INTEREST FOR RBA SURPLUSES AFTER NOTIFICATION OF BAS AMOUNT OR PETROLEUM RESOURCE RENT TAX AMOUNT  


If:


(a) the Commissioner has allocated a BAS amount or petroleum resource rent tax amount to an RBA of an entity; and


(b) section 12AB does not apply (that section is about remission of penalties); and


(c) under subsection 8AAZLF(1) of the Taxation Administration Act 1953, the Commissioner is required to refund to the entity the whole or part of an RBA surplus for that RBA; and


(d) the refund takes place after the RBA interest day;

then interest is payable by the Commissioner to the entity on the amount refunded.

Note:

Section 12AF defines BAS amount , petroleum resource rent tax amount , RBA surplus and RBA interest day .

SECTION 12AB  

12AB   ENTITLEMENT TO INTEREST FOR RBA SURPLUSES AFTER REQUEST FOR REMISSION  


If:


(a) the Commissioner has allocated a BAS amount or petroleum resource rent tax amount to an RBA of an entity; and


(b) the entity requests the Commissioner to remit a penalty of which the entity has been notified by the Commissioner; and


(c) as a result of the Commissioner remitting the penalty, the Commissioner is required, under subsection 8AAZLF(1) of the Taxation Administration Act 1953, to refund to the entity the whole or part of an RBA surplus for that RBA; and


(d) the refund takes place after the RBA interest day;

then interest is payable by the Commissioner to the entity on the amount refunded.

Note:

Section 12AF defines BAS amount , petroleum resource rent tax amount , RBA surplus and RBA interest day .

SECTION 12AC  

12AC   ENTITLEMENT TO INTEREST FOR RBA SURPLUSES AFTER REQUEST FOR REFUND  


If:


(a) the Commissioner has allocated a payment to an RBA of an entity; and


(b) the Commissioner has allocated or intends to allocate a BAS amount or petroleum resource rent tax amount to that RBA; and


(c) under subsection 8AAZLF(2) of the Taxation Administration Act 1953, the Commissioner, as a result of a request by the entity, is required to refund the whole or part of an RBA surplus for that RBA; and


(d) the refund takes place after the RBA interest day;

then interest is payable by the Commissioner to the entity on the amount refunded.

Note:

Section 12AF defines BAS amount , petroleum resource rent tax amount , RBA surplus and RBA interest day .

SECTION 12AD  

12AD   PERIOD OF INTEREST FOR RBA SURPLUSES  


Interest under this Part is payable for the period from the end of the RBA interest day until the end of the day on which the refund takes place.

SECTION 12AE  

12AE   RATE OF INTEREST FOR RBA SURPLUSES  


Interest under this Part is payable at the base interest rate (within the meaning of the Tax Act).

SECTION 12AF  

12AF   DEFINITIONS  


In this Part:

BAS amount
has the same meaning as in subsection 995-1(1) of the Tax Act.

petroleum resource rent tax amount
has the same meaning as in subsection 995-1(1) of the Tax Act.

RBA interest day
for an RBA surplus means the 14th day after the latest of the following days:


(a) either:


(i) if section 12AA applies - the day on which the surplus arises; or

(ii) if section 12AB or 12AC applies - the day on which the relevant request is made;


(b) if, by the day applicable under paragraph (a), the person has not given the Commissioner a notification that:


(i) is required for the refund under section 8AAZLG or 8AAZLGB (as the case requires) of the Taxation Administration Act 1953; and

(ii) that is accurate so far as it relates to the refund;
the day on which that notification is given to the Commissioner;


(c) unless the Commissioner has given a direction under subsection 8AAZLH(3) of the Taxation Administration Act 1953 - the day on which the person nominates a financial institution account for the purposes of that section.

RBA surplus
has the same meaning as in section 8AAZA.

resource rent tax amount
(Repealed by No 96 of 2014)

PART IIIB - ADJUSTMENT OF INTEREST  

SECTION 12D  

12D   INTEREST TO BE IN MULTIPLES OF 1 CENT  
If an amount of interest calculated under this Act is not a multiple of 1 cent, the amount of interest is to be:


(a) if the amount of interest is a multiple of 0.5 cent - increased by 0.5 cent; or


(b) in any other case - increased or decreased, as the case requires, to the nearest multiple of 1 cent.

SECTION 12E  

12E   SMALL AMOUNTS OF INTEREST NOT TO BE PAID  
If, apart from this section, an amount of interest:


(a) would be payable to a person under this Act; and


(b) is less than 50 cents;

the amount is not payable to the person.

SECTION 12F  

12F   ADJUSTMENT WHERE AMOUNT TO BE PAID BY, OR REFUNDED TO, PERSON DOES NOT EXCEED 49 CENTS  
If:


(a) an amount of interest payable to a person under this Act is applied in discharge of a liability of the person to the Commonwealth; and


(b) the amount (if any) remaining to be paid (the ``net amount'' ) by the person in relation to that liability is less than 50 cents;

the net amount is not payable by the person.

PART IV - MISCELLANEOUS  

Note:

For rules about allocation of credits arising under this Act, see Division 3 of Part IIB of the Taxation Administration Act 1953.

13  (Repealed) SECTION 13 COMMISSIONER MAY APPLY INTEREST AS CREDIT  
(Repealed by No 91 of 2000)

SECTION 14  

14   PAYMENTS TO BE MADE OUT OF CONSOLIDATED REVENUE FUND  


(Repealed by No 123 of 1984)

SECTION 15  

15   REGULATIONS  
The Governor-General may make regulations, not inconsistent with this Act, prescribing matters:


(a) required or permitted by this Act to be prescribed; or


(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.