Income Tax Assessment Act 1997

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Div 292 heading substituted by No 21 of 2015, s 3 and Sch 1 item 5, applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years. The heading formerly read:

Division 292 - Excess non-concessional contributions tax

Div 292 heading amended by No 118 of 2013, s 3 and Sch 1 item 42, by inserting " non-concessional " , effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading.

Div 292 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

Subdiv 292-G inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 financial year and later years.

S 292-425 repealed by No 118 of 2013, s 3 and Sch 1 item 67, effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading. S 292-425 formerly read:

SECTION 292-425 Interest for late payments of money received by the Commissioner in accordance with release authority  
292-425(1)
The person is entitled to an amount of interest worked out under subsection (2) if:

(a) the Commissioner issues a release authority under section 292-420 to a * superannuation provider that holds a * superannuation interest for the person; and

(b) the superannuation provider pays an amount to the Commissioner in accordance with that release authority; and

(c) the person is entitled to a credit mentioned in subsection 292-420(8) for that amount; and

(d) the Commissioner is required to refund all or part of that credit as mentioned in Division 3A of Part IIB of the Taxation Administration Act 1953; and

(e) the Commissioner does not so refund all or part of that credit within 60 days after receiving that amount.

292-425(2)
The interest is to be calculated:

(a) on the sum of so much of the following amounts that the Commissioner fails to refund under that Division:

(i) the amount of that credit;

(ii) so much of the amount of any * tax offset to which the person is entitled under paragraph 292-467(2)(b) , for the * excess concessional contributions to which the release authority relates, that the Commissioner is required to refund under that Division; and

(b) for the period:

(i) beginning 60 days after the day the Commissioner receives the amount; and

(ii) ending on the day the Commissioner refunds the amount; and

(c) on a daily basis; and

(d) at the * base interest rate for the day the interest is calculated.

S 292-425 inserted by No 75 of 2012, s 3 and Sch 4 item 1, applicable in relation to excess concessional contributions for the financial year beginning on 1 July 2011 and later financial years.