Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 5   AMENDMENTS RELATING TO THE PAYMENT OF INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS

Part 2   TAXATION (INTEREST ON OVERPAYMENTS) ACT 1983

24   Section 13

Add at the end:

"(2) The Commissioner may apply an amount of interest payable under Part IIA (other than an amount to which subsection (3) applies) to a person who is neither a relevant entity nor an instalment taxpayer in payment of the following, in order:

(a) income tax payable by the person for the year of income following the eligible year of income;

(b) HEC assessment debt worked out by reference to the person's taxable income of the year of income following the eligible year of income;

(c) FS assessment debt worked out by reference to the person's taxable income of the year of income following the eligible year of income;

(d) additional tax under Part VII of the Tax Act payable by the person for the year of income following the eligible year of income;

(e) interest under section 102AAM of the Tax Act payable by the person for the year of income following the eligible year of income;

(f) any other liability of the person to the Commonwealth.

"(3) The Commissioner may apply an amount of interest, payable under Part IIA to a person in respect of a payment of or on account of provisional tax mentioned in subparagraph 8A(1)(a)(vi) or an instalment of provisional tax mentioned in subparagraph 8A(1)(a)(vii), in payment of the following, in

order:

(a) income tax payable by the person for the eligible year of income;

(b) HEC assessment debt worked out by reference to the person's taxable income of the year of income;

(c) FS assessment debt worked out by reference to the person's taxable income of the year of income;

(d) additional tax under Part VII of the Tax Act payable by the person for the year of income;

(e) interest under section 102AAM of the Tax Act payable by the person for the year of income;

(f) any other liability of the person to the Commonwealth.

"(4) The Commissioner may apply an amount of interest payable under Part IIA to a person who is a relevant entity or an instalment taxpayer in payment of the following, in order:

(a) income tax payable by the person for the eligible year of income;

(b) additional tax under Part VII of the Tax Act payable by the person for the eligible year of income;

(c) interest under section 102AAM of the Tax Act payable by the person for the eligible year of income;

(d) any other liability of the person to the Commonwealth.

"(5) In this section:

'eligible year of income', in relation to interest payable under Part IIA, means the year of income in respect of which the tax, debt, interest, amount or instalment mentioned in the applicable subparagraph of paragraph 8A(1)(a) is payable.".


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