TAXATION (INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS) ACT 1983 [ARCHIVE]

PART I - PRELIMINARY  

SECTION 3 [ARCHIVE]   INTERPRETATION  

3(1)  

"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;

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

"provisional tax"
means provisional tax as defined in subsection 221YA(1) of the Tax Act;

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

SECTION 3C [ARCHIVE]   3C   MEANING OF RELEVANT TAX  



Relevant taxes
Item Type of tax
10 Additional tax under Part VII of the Tax Act
30 Provisional and additional tax under section 221YDB of the Tax Act
35 Instalments under section 221AZK of the Tax Act
60 An amount payable to the Commissioner under subsection 220AS(1) of the Tax Act
65 An amount payable to the Commissioner under subsection 221EAA(1) of the Tax Act
70 An amount payable to the Commissioner under subsection 221YHH(1) of the Tax Act
75 An amount payable to the Commissioner under subsection 221YHZC(3) or 221YHZD(2) of the Tax Act
100 Duty or tax within the meaning of subsection 81(1) of the Australian Capital Territory Taxation (Administration) Act 1969
105 Tax within the meaning of subsection 36(1) of the Debits Tax Administration Act 1982
115 Tax within the meaning of subsection 27(1) of the Pay-roll Tax (Territories) Assessment Act 1971
125 Tax within the meaning of subsection 29(1) of the Sales Tax Assessment Act (No. 1) 1930 (including that subsection as applied by any other Act providing for the assessment of sales tax)
130 Tax within the meaning of section 68 of the Sales Tax Assessment Act 1992
135 Charge within the meaning of subsection 18(1) of the Tobacco Charges Assessment Act 1955
140 Tax within the meaning of subsection 38(1) of the Wool Tax (Administration) Act 1964

PART IIA - INTEREST ON EARLY PAYMENTS  

SECTION 8A [ARCHIVE]   ENTITLEMENT TO INTEREST  

8A(1)  

(a)


(iv) additional tax under Part VII of the Tax Act; or

(vi) provisional tax; or

(vii) an instalment of provisional tax within the meaning of section 221YA of the Tax Act; or

(viii) an amount mentioned in subsection 221AP(1) of the Tax Act; or

(ix) an amount mentioned in paragraph 221AZD(b) of the Tax Act; or

(x) an instalment under subsection 221AZK(2) of the Tax Act; and

8A(1A)   [Determining ``appropriate due day'']  

In determining the appropriate due day for the purposes of paragraph (1)(b), disregard the effect of section 221AZKC of the Tax Act.

Note:

Section 221AZKC allows a taxpayer to defer payment of its final tax instalment for the 1999-2000 year of income. However, this subsection means that the taxpayer is not entitled to any interest for a payment made after the original due date under section 221AZK (even if it is made before the due date under section 221AZKC).

PART IIB - INTEREST ON OVERPAYMENTS RESULTING FROM ASSESSMENTS  

SECTION 8E [ARCHIVE]   ENTITLEMENT TO INTEREST - ORDINARY TAXPAYERS  

8E(1)  

(d)


(ii) additional tax for the year of income payable by the person under Part VII of the Tax Act immediately before the notice crediting;

8E(2)  

(d)


(ii) additional tax for the year of income payable by the person under Part VII of the Tax Act immediately before the post-notice crediting;

SECTION 8G [ARCHIVE]   ENTITLEMENT TO INTEREST - FULL SELF-ASSESSMENT TAXPAYERS  

8G(1)  

(d)


(ii) additional tax for the year of income payable by the person under Part VII of the Tax Act immediately before the first crediting;

8G(2)  

(c)


(ii) additional tax for the year of income payable by the person under Part VII of the Tax Act immediately before the later crediting;

SECTION 8H [ARCHIVE]   INTEREST PERIOD - FULL SELF-ASSESSMENT TAXPAYERS  

8H(1)   [Interest for period until first crediting occurs]  

If subsection 8G(1) applies to a person who is an instalment taxpayer or a relevant entity, 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 final instalment day in relation to the year of income;

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

8H(2)   [Interest for period until later crediting occurs]  

If subsection 8G(2) applies to a person who is a relevant entity or an instalment 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 final instalment day until the end of the day on which the later crediting occurs.

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

SECTION 9 [ARCHIVE]   ENTITLEMENT TO INTEREST  

9(5)   [Provisional tax]  

Where:


(a) an amount of provisional tax paid by a person to the Commissioner in respect of income of a year of income (the relevant year of income ) is applied or refunded in respect of a credit under subsection 221YCA(2) or (3) or section 221YE of the Tax Act;


(b) interest is payable to the person under this Act in respect of an amount of income 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 in relation to an assessment of income tax in respect of the year of income next preceding the relevant year of income; and


(c) the amount of provisional tax, or a part of the amount of provisional tax, would, if it had not been so credited or refunded by the Commissioner, have been refunded to the person, or applied against any liability of the person to the Commonwealth, as a result of the decision,

the amount of provisional tax or the part of the amount of provisional tax, as the case may be, shall, for the purposes of this Act, be deemed to have been refunded to the person as a result of the decision on the day on which the amount of provisional tax was so credited or refunded.

SECTION 10 [ARCHIVE]   AMOUNT OF INTEREST  

10(1)  

(a)


(iii)

(B) the relevant tax is relevant tax of a kind referred to in item 65 of the table in section 3C- 14 December 1984;

(C) the relevant tax is relevant tax of a kind referred to in item 70 of the table in section 3C- 1 September 1983; or


(aa) if the person is a relevant entity or an instalment taxpayer and the relevant tax is a relevant tax of a kind referred to in items 5 to 50 of the table in section 3C- in respect of the period that commenced on the finalinstalment day in relation to the year of income for which the relevant tax was payable and ended on the day on which the amount of the relevant tax or the part of the amount of the relevant tax, as the case may be, was so refunded or applied; and

SECTION 10A [ARCHIVE]   10A   INTEREST NOT TO BE PAID FOR CERTAIN PERIODS  
Interest is not payable to a person by virtue of section 9 in respect of an amount of relevant tax or part of an amount of relevant tax, being relevant tax of a kind referred to in item100 or 125 of the table in section 3C, in respect of any period in relation to which the amount of the relevant tax or the part of the amount of relevant tax, as the case may be, has been passed on by the person to another person and has not been refunded to that other person by the first-mentioned person.

SECTION 12 [ARCHIVE]   CERTAIN AGREEMENTS ETC. TO REMIT ADDITIONAL TAX  

12(1)   [Interest not payable]  

Where:


(a) the Commissioner has:


(i) in respect of an amount of relevant tax, being relevant tax of the kind referred to in items 5 to 50 of the table in section 3C, that is payable, or will become payable, by a person (in this subsection (other than in subparagraph (ii)) referred to as the applicable amount ), entered into an agreement or arrangement with the person before the commencement of the Income Tax Assessment Act (No. 6) 1982, or otherwise indicated the Commissioner's intention to the person before the commencement of that Act, to remit the whole or a part of any additional tax payable under subsection 207(1) of the Tax Act in respect of a part of the applicable amount on condition that another part of the applicable amount is paid by the person to the Commissioner within a particular period of time; or

(ii) in respect of an amount of relevant tax, being relevant tax of a kind referred to in item 100, 115, 125, 135 or 140 of the table in section 3C, that is payable, or will become payable, by a person (in this subsection (other than in subparagraph (i)) also referred to as the applicable amount ), entered into an agreement or arrangement with the person before the commencement of section 10A, or otherwise indicated to the person an intention before the commencement of that section, to remit the whole or a part of any additional amount, additional duty or additional tax, as the case requires, payable under a relevant provision in respect of a part of the applicable amount on condition that another part of the applicable amount is paid by the person to the Commissioner within a particular period of time;


(b) the person, in pursuance of the agreement, arrangement or indication, pays a part of the applicable amount to the Commissioner (in this section referred to as the amount paid ); and


(c) the amount paid is, whether in whole or in part, 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;

interest is not payable to the person under this Act in respect of the amount paid or the part of the amount paid so refunded or applied, as the case may be in respect of any period in relation to which the agreement, arrangement or indication, as the case may be, applies.

12(2)   [``relevant provision'']  

In subparagraph (1)(a)(ii), relevant provision means-


(a) subsection 81(1)of the Australian Capital Territory Taxation (Administration) Act 1969;


(b) subsection 31(1) or (2) of the Estate Duty Assessment Act 1914;


(c) section 27 of the Gift Duty Assessment Act 1941;


(d) subsection 27(1) of the Pay-roll Tax (Territories) Assessment Act 1971;


(e) subsection 29(1) of the Sales Tax Assessment Act (No. 1) 1930 (including that subsection as applied by any other Act providing for the assessment of sales tax);


(f) subsection 18(1) of the Tobacco Charges Assessment Act 1955; and


(g) subsection 38(1) of the Wool Tax (Administration) Act 1964;

being that subsection as in force at any time before the commencement of this subsection.

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

SECTION 12A [ARCHIVE]   ENTITLEMENT TO INTEREST  

12A(1)  

(a)


(ii) refunds the whole or part of an amount under subsection 221AQ(3), 221AR(6), 221AU(4), 221AV(4), 221AW(5), 221AX(14), 221AZL(2) or 221AZQ(1) of the Tax Act; or

(iii) applies or refunds the whole or part of an amount, in respect of a credit under subsection 221YBA(6), 221YCA(2) or 221YG(2) of the Tax Act; or

(iv)

(D) additional tax under Part VII of the Tax Act; or

(F) provisional tax; or

(G) an instalment of provisional tax within the meaning of section 221YA of the Tax Act; or

(H) an amount mentioned in subsection 221AP(1) of the Tax Act; or

(I) an amount mentioned in paragraph 221AZD(b) of the Tax Act; or

(J) an instalment under subsection 221AZK(2) of the Tax Act; and