Petroleum Resource Rent Tax Assessment Act 1987

PART VI - RETURNS AND ASSESSMENTS  

Division 3 - Assessments (amendment)  

SECTION 72   REFUND OF OVERPAID AMOUNTS  

72(1)    
If, because of an amendment of an assessment, a person ' s liability (the earlier liability ) to tax or a related charge is reduced, the amount by which the tax or charge is so reduced is taken never to have been payable for the purposes of:

(a)    section 85 (which applies the general interest charge); and

(b)    Division 280 in Schedule 1 to the Taxation Administration Act 1953 (which applies the shortfall interest charge).

Note:

The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .

72(2)    
The Commissioner must refund or apply the amount of any tax overpaid in accordance with Divisions 3 and 3A of Part IIB of the Taxation Administration Act 1953 .

72(3)    
However, if a later amendment of the assessment is made and all or some of the person ' s earlier liability in relation to a particular is reinstated, subsection (1) is taken not to have applied, or not to have applied to the extent that the earlier liability is reinstated.

Note:

If the amendment of an assessment results in an increase in a person ' s tax liability, the person is liable to pay shortfall interest charge on the amount of the increase: see Division 280 in Schedule 1 to the Taxation Administration Act 1953 .