Taxation (Interest on Overpayments and Early Payments) Act 1983

PART IIIAA - DELAYED REFUND INTEREST ON RUNNING BALANCE ACCOUNT (RBA) SURPLUSES  

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History

Part IIIAA inserted by No 179 of 1999.

SECTION 12AC  

12AC   ENTITLEMENT TO INTEREST FOR RBA SURPLUSES AFTER REQUEST FOR REFUND  

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If:

(a) the Commissioner has allocated a payment to an RBA of an entity; and

(b) the Commissioner has allocated or intends to allocate a BAS amount or petroleum resource rent tax amount to that RBA; and

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(c) under subsection 8AAZLF(2) of the Taxation Administration Act 1953 , the Commissioner, as a result of a request by the entity, is required to refund the whole or part of an RBA surplus for that RBA; and

(d) the refund takes place after the RBA interest day;

then interest is payable by the Commissioner to the entity on the amount refunded.

Note:

Section 12AF defines BAS amount , petroleum resource rent tax amount , RBA surplus and RBA interest day .

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History

S 12AC amended by No 96 of 2014, s 3 and Sch 1 items 118 and 119, by inserting " petroleum " in para (b) and " petroleum " in the note, effective 30 September 2014. For transitional provisions see note under s 3C .

S 12AC amended by No 88 of 2013, s 3 and Sch 7 items 191 - 192, by inserting " or resource rent tax amount " in para (b) and " resource rent tax amount , " in the note, effective 1 July 2012.

S 12AC inserted by No 179 of 1999.

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