Australian Capital Territory Consolidated Acts

TAXATION ADMINISTRATION ACT 1999 - SECT 29

    (1)     The commissioner may remit all or part of the market rate component or the premium component of interest, or both, if—

        (a)     the commissioner has determined that no penalty tax is payable under section 31 (6); or

        (b)     the amount of penalty tax has been reduced under section 32 or section 33; or

        (c)     penalty tax has been remitted in whole or in part under section 37.

Note     The commissioner's decision refusing to remit interest in accordance with a taxpayer's application is a commissioner-reviewable decision (see s 107, def commissioner-reviewable decision ), and the commissioner must give an internal review notice to the taxpayer (see s 107B).

    (2)     The commissioner must not remit the market rate component unless the commissioner is also satisfied that the circumstances are exceptional and justify the remission.