A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 16   PAYG instalments consequential amendments

Taxation (Interest on Overpayments and Early Payments) Act 1983

26   Paragraphs 8G(1)(e) and (f)

Repeal the paragraphs, substitute:

(e) if the person furnishes the return of income for the year of income 30 days or more before:

(i) if the person is an instalment taxpayer - the final instalment day; or

(ii) if the person is a full self-assessment taxpayer - the due date for payment of the assessed tax;

the first crediting occurs 30 days or more after the day on which the person furnishes the return; and

(f) if the person furnishes the return of income for the year of income after 30 days or more before:

(i) if the person is an instalment taxpayer - the final instalment day; or

(ii) if the person is a full self-assessment taxpayer - the due date for payment of the assessed tax;

the first crediting occurs after the first instalment day, or after the due date for payment of the assessed tax, as the case requires;