Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Chapter 6 Amendments to the Taxation (Interest on Overpayments and Early Payments) Act
6.1 Schedule 5 of the Bill makes amendments to the Taxation (Interest on Overpayments and Early Payments) Act 1983 .
6.2 The Bill amends the Taxation (Interest on Overpayments and Early Payments) Act to insert a new PartIIC to enable interest to be paid on overpayments resulting from amendments under the Superannuation Contributions Surcharge (Assessment and Collection) Act 1997 .
6.3 The amendments provide that where a person has paid the assessed amount of surcharge and as a result of an amendment the surcharge liability is reduced then interest is payable by the Commissioner on the amount of the reduction.
6.4 The amendments also insert a new Part IID to similarly provide for interest to be paid where an amended assessment is made under the Termination Payments Surcharge (Assessment and Collection) Act 1997 . [Item 1]