Commonwealth Consolidated Acts

TAXATION (INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS) ACT 1983 - SECT 12AA

    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 .