Taxation (Interest on Overpayments and Early Payments) Act 1983

PART IIIA - INTEREST ON OVERPAYMENTS RESULTING FROM CERTAIN REMISSIONS AND REFUNDS

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SECTION 12A ENTITLEMENT TO INTEREST

12A(1)

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If:

(a)

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the Commissioner, as a result of a request by a person:

(i) remits, under section 8AAG of, the Taxation Administration Act 1953 , the whole or part of an amount that has been paid to the Commissioner in respect of general interest charge payable under former section 163AA of the Tax Act or section 5-15 of the Income Tax Assessment Act 1997 ; or

(ia) remits, under section 280-160 in Schedule 1 to the Taxation Administration Act 1953 , the whole or part of an amount that has been paid to the Commissioner in respect of shortfall interest charge payable under Division 280 in that Schedule; or

(ii) - (iii) (Repealed by No 101 of 2006 )

(iiia) (Repealed by No 179 of 1999)

(iv) refunds the whole or part of a payment made by a person on account of something listed in subsection (1A); and

(b)

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the remission or refund takes place more than 30 days after the day on which the request is made;

interest is payable by the Commissioner to the person on the amount remitted or refunded, calculated in respect of the period applicable under section 12B at the rate specified in section 12C .

Archived:

S 12A(1)(a)(ii) and (iii) and 12A(1)(a)(iv)(D) and (F) to (J) repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 items 316 and 317, effective 14 September 2006.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 12A(1) amended by No 8 of 2019, s 3 and Sch 8 items 67 - 69, by substituting " former section 163AA " for " section 163AA " in para (a)(i), " remission or refund " for " remission, refund or crediting " in para (b) and " remitted or refunded " for " remitted, refunded or credited " , effective 1 April 2019.

S 12A(1) amended by No 70 of 2015, s 3 and Sch 6 item 62, by substituting " of the Tax Act or section 5-15 of the Income Tax Assessment Act 1997 " for " and subsection 204(3) of the Tax Act " in para (a)(i), applicable from 1 July 2010.

S 12A(1) amended by No 82 of 2014, s 3 and Sch 1 item 32, by substituting para (a)(iv), effective 18 July 2014. For transitional provision see note under definition of " compulsory TSL repayment amount " . Para (a)(iv) formerly read:

(iv) refunds the whole or part of a payment made by the person on account of:

(A) income tax; or

(B) (Repealed by No 56 of 2010)

(BA) compulsory repayment amount; or

(C) FS assessment debt; or

(D) (Repealed by No 101 of 2006)

(E) interest under section 102AAM of the Tax Act; and

(F) - (J) (Repealed by No 101 of 2006)

S 12A(1) amended by No 56 of 2010, s 3 and Sch 6 item 42, by repealing para (a)(iv)(B), effective 3 June 2010. Para (a)(iv)(B) formerly read:

(B) HEC assessment debt; or

S 12A(1) amended by No 101 of 2006 , s 3 and Sch 2 items 991 and 992, by substituting " and subsection 204(3) " for " , section 170AA, subsection 204(3), subsection 221AZMAA(1), subsection 221AZP(1), subsection 221YD(3) and section 221YDB " in para (a)(i) and substituting " and " for " or " in para (a)(iv)(E), effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 12A(1) amended by No 75 of 2005; No 150 of 2003; No 179, No 178 and No 11 of 1999.

12A(1A)

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For the purposes of subparagraph (1)(a)(iv) , the following are listed:

(a) income tax;

(b) compulsory repayment amount;

(baa)

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compulsory VETSL repayment amount;

(ba)

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compulsory SSL repayment amount;

(bb)

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compulsory ABSTUDY SSL repayment amount;

(c)

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compulsory AASL repayment amount;

(d) FS assessment debt;

(e) interest under section 102AAM of the Tax Act.

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12A(2)

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A reference in subparagraph (1)(a)(iv) to a person making a payment on account of something listed in subsection (1A) does not include a reference to the making of a deduction or payment under Division 5 of the Tax Act.

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