Commonwealth Consolidated Acts

TAXATION (INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS) ACT 1983 - SECT 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

  (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.

  (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.

  (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.