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

Schedule 16   PAYG instalments consequential amendments

Taxation (Interest on Overpayments and Early Payments) Act 1983

29   After subsection 8H(1)

Insert:

(1A) If subsection 8G(1) applies to a person who is a full self-assessment taxpayer, the interest is payable on the excess mentioned in paragraph 8G(1)(d) for the period from the beginning of the earlier of the following days:

(a) the 30th day after the day on which the person furnishes the return of income for the year of income;

(b) the due date for payment of the assessed tax;

until the end of the day on which the first crediting occurs.