Taxation Administration Act 1953

PART IIB - RUNNING BALANCE ACCOUNTS, APPLICATION OF PAYMENTS AND CREDITS, AND RELATED MATTERS  

Division 3A - Refunds of RBA surpluses and credits  

SECTION 8AAZLF   COMMISSIONER MUST REFUND RBA SURPLUSES AND CREDITS  

8AAZLF(1)   [Amount not allocated or applied]  

The Commissioner must refund to an entity so much of:

(a) an RBA surplus of the entity; or

(b) a credit (including an excess non-RBA credit) in the entity's favour;

as the Commissioner does not allocate or apply under Division 3 .

8AAZLF(2)   Voluntary payments only to be refunded on request.  

However, the Commissioner is not required to refund an RBA surplus or excess non-RBA credit that arises because a payment is made in respect of an anticipated tax debt of an entity unless the entity later requests, in the approved manner, that the Commissioner do so.

8AAZLF(3)   [Refund]  

On receiving such a request, the Commissioner must refund so much of the amount as the Commissioner does not allocate or apply under Division 3 .

8AAZLF(4)   Effect of refunding RBA surplus.  

If the Commissioner refunds an RBA surplus under this section, the Commissioner must reduce by the same amount excess non-RBA credits that relate to the RBA.

8AAZLF(5)   Effect of refunding credit that relates to an RBA.  

If, under this section, the Commissioner refunds an excess non-RBA credit that relates to an RBA, the RBA is adjusted in the Commissioner's favour by the same amount.