TAXATION (INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS) ACT 1983

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 .


 

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