A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 13   Delayed refund interest

Taxation (Interest on Overpayments and Early Payments) Act 1983

1   After subsection 8A(1)

Insert:

(1A) In determining the appropriate due day for the purposes of paragraph (1)(b), disregard the effect of section 221AZKC of the Tax Act.

Note: Section 221AZKC allows a taxpayer to defer payment of its final tax instalment for the 1999-2000 year of income. However, this subsection means that the taxpayer is not entitled to any interest for a payment made after the original due date under section 221AZK (even if it is made before the due date under section 221AZKC).