Commonwealth Consolidated Acts

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

    If:

  (a)   the Commissioner has allocated a payment to an RBA of an entity; and

  (b)   the Commissioner has allocated or intends to allocate a BAS amount or petroleum resource rent tax amount to that RBA; and

  (c)   under subsection   8AAZLF(2) of the Taxation Administration Act 1953 , the Commissioner, as a result of a request by the entity, is required to refund 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 .