Taxation (Interest on Overpayments and Early Payments) Act 1983

PART III - INTEREST ON OVERPAYMENTS RESULTING FROM DECISIONS TO WHICH THIS ACT APPLIES

SECTION 10 AMOUNT OF INTEREST

10(1)

Interest payable to a person by virtue of section 9 in respect of an amount of relevant tax, or the part of an amount of relevant tax, refunded to the person, or applied against any liability of the person to the Commonwealth, as a result of a decision to which this Act applies shall be calculated:

(a) in respect of the period that commenced on the later of the following days:

(i) the day on which notice of the assessment, determination or decision, being the assessment, determination or decision in relation to which the decision to which this Act applies was made, was issued to the person by the Commissioner;

(ii) the day on which the amount of relevant tax was paid to the Commissioner;

and ended on the day on which the amount of the relevant tax or the part of the amount of relevant tax, as the case may be, was so refunded or applied; and

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(aa) (Repealed by No 101 of 2006 )

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(b) at the base interest rate (within the meaning of the Tax Act).

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Archived:

Former s 10(1)(a)(iii)(B) and (C) and 10(1)(aa) repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 313 and 314, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .

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History

S 10(1) renumbered from s 10 by No 99 of 2012, s 3 and Sch 1 item 21, by inserting " (1) " before " Interest payable " , applicable to an individual in relation to amounts withheld by a company, if: (a) the amounts are withheld during an income year of the individual starting on or after 1 July 2011; and (b) the company is required to pay the amounts withheld to the Commissioner on or after 29 June 2012.

S 10 amended by No 14 of 2009, s 3 and Sch 4 items 48 and 49, by substituting para (a), effective 26 March 2009. No 14 of 2009, s 3 and Sch 4 item 50 contains the following transitional provision:

Transitional
50
If subparagraph 10(1)(a)(iii) of the Taxation (Interest on Overpayments and Early Payments) Act 1983 (as in force before 26 March 2009) could apply to a taxpayer, that subparagraph continues to apply despite the amendment made.

Para (a) formerly read:

(a) in respect of the period that commenced on whichever is the latest of the following days, namely:

(i) the day on which notice of the assessment, determination or decision, being the assessment, determination or decision in relation to which the decision to which this Act applies was made, was issued to the person by the Commissioner;

(ii) the day on which the amount of relevant tax was paid to the Commissioner; or

(iii) where:

(A) the relevant tax is relevant tax of a kind referred to in items 5 to 85 of the table in section 3C and sub-subparagraph (AA) does not apply - 14 February 1983; or

(AA) the relevant tax is relevant tax of a kind referred to in items 5 to 50 of the table in section 3C and the decision to which this Act applies is a decision of the kind referred to in paragraph (ca) of the definition of decision to which this Act applies in that subsection - 1 July 1986; or

(B) (Repealed by No 101 of 2006 )

(C) (Repealed by No 101 of 2006 )

(D) none of the preceding sub-subparagraphs is applicable in relation to the relevant tax - 20 December 1984; and

Former s 10(1) amended by No 101 of 2006 , s 3 and Sch 2 items 986 to 990, by omitting " if paragraph (aa) does not apply - " in para (a), omitting " , or 105, " in para (a)(iii)(A), inserting " or " at the end of para (a)(iii)(A) and (AA) and substituting " the base interest rate (within the meaning of the Tax Act) " for " such annual rate or rates as are provided for by section 214A of the Tax Act " in para (b), effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

Former s 10(1) amended by No 58 of 2006 , s 3 and Sch 7 items 202 to 206, by substituting " items 5 to 85, or 105, of the table in section 3C " for " paragraph (a), (b), (c), (d), (e) or (g) of the definition of relevant tax in subsection 3(1) " in para (a)(iii)(A), substituting " items 5 to 50 of the table in section 3C " for " paragraph (a) of the definition of relevant tax in subsection 3(1) " in para (a)(iii)(AA), substituting " item 65 of the table in section 3C " for " paragraph (ba) of the definition of relevant tax in subsection 3(1) " in para (a)(iii)(B), substituting " item 70 of the table in section 3C " for " paragraph (bb) of the definition of relevant tax in subsection 3(1) " and substituting " items 5 to 50 of the table in section 3C " for " paragraph (a) of the definition of relevant tax in subsection 3(1) " in para (aa), effective 1 July 2006.

Former s 10(1) amended by No 11 of 1999; No 181 of 1994; No 46 of 1986; No 49 of 1985; and No 123 of 1984.

10(2)

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For the purposes of subparagraph (1)(a)(i), if the decision to which this Act relates is a decision of the Commissioner under section 18-130 in Schedule 1 to the Taxation Administration Act 1953 in relation to an amount of Pay as you go withholding non-compliance tax, the notice of the decision in relation to which that decision was made is the notice the Commissioner gives to the person under section 18-140 in that Schedule in relation to that amount of tax.

View history note

10(3)
(Omitted by No 181 of 1994)

10(4)
(Omitted by No 181 of 1994)

Archived:

S 10A repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 315, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .

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