Taxation (Interest on Overpayments and Early Payments) Act 1983

PART IIIAA - DELAYED REFUND INTEREST ON RUNNING BALANCE ACCOUNT (RBA) SURPLUSES  

SECTION 12AB  

12AB   ENTITLEMENT TO INTEREST FOR RBA SURPLUSES AFTER REQUEST FOR REMISSION  

If:

(a) the Commissioner has allocated a BAS amount or petroleum resource rent tax amount to an RBA of an entity; and

(b) the entity requests the Commissioner to remit a penalty of which the entity has been notified by the Commissioner; and

(c) as a result of the Commissioner remitting the penalty, the Commissioner is required, under subsection 8AAZLF(1) of the Taxation Administration Act 1953 , 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 .