TAXATION (INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS) ACT 1983

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(ii) - (iii) (Repealed by No 101 of 2006 )

(iiia) (Repealed by No 179 of 1999)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 TSL 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.

 

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