Commonwealth Numbered Acts

SUPERANNUATION CONTRIBUTIONS TAX (CONSEQUENTIAL AMENDMENTS) ACT 1997 No. 71, 1997 - SCHEDULE 5

Schedule 5-Amendment of the Taxation (Interest on
Overpayments and Early Payments) Act 1983 1 After Part IIB
Insert: Part IIC-Interest on overpayments resulting from certain amendments of
assessments made under the Superannuation Contributions Tax  (Assessment and
Collection) Act 1997  8L Interpretation
Expressions used in this Part that are defined in the Superannuation 
Contributions Tax (Assessment and Collection) Act 1997 have the same meanings
as in that Act. 8M Entitlement to interest
If:

   (a)  an assessment is made under the Superannuation Contributions Tax 
        (Assessment and Collection) Act 1997 in respect of a person's
        liability to pay superannuation contributions surcharge or an advance
        instalment; and

   (b)  the person has paid the assessed amount of the surcharge or
        instalment; and

   (c)  the assessment is amended (otherwise than under section 18 of that
        Act) reducing the liability of the person to pay surcharge or the
        instalment; interest is payable by the Commissioner to the person in
        accordance with this Part on the amount by which the surcharge or
        instalment payable by the person under the amended assessment is less
        than the surcharge or instalment that was paid by the person under the
        assessment that was amended. 8N Period of interest
The interest is payable for the period that:

   (a)  started on the later of the following days:

        (i)    the day on which the amount of the surcharge or advance
               instalment was paid;

        (ii)   the day by which the amount of the surcharge or advance
               instalment was required to be paid; and

   (b)  ends on the day on which the assessment was amended. 8P Rate of
        interest
Interest under this Part is payable at such annual rate or rates as are
provided for by section 214A of the Income Tax Assessment Act, less 4
percentage points. Part IID-Interest on overpayments resulting from certain
amendments of assessments made under the
Termination Payments Tax (Assessment and  Collection) Act 1997  8Q
Interpretation
Expressions used in this Part that are defined in the Termination  Payments
Tax (Assessment and Collection) Act 1997 have the same meanings as in that
Act. 8R Entitlement to interest
If:

   (a)  an assessment is made under the Termination Payments Tax  (Assessment
        and Collection) Act 1997 in respect of a taxpayer's liability to pay
        termination payments surcharge; and

   (b)  the taxpayer has paid the assessed amount of the surcharge; and

   (c)  the assessment is amended reducing the liability of the taxpayer to
        pay surcharge; interest is payable by the Commissioner to the taxpayer
        in accordance with this Part on the amount by which the surcharge
        payable by the taxpayer under the amended assessment is less than the
        surcharge that was paid by the taxpayer under the assessment that was
        amended. 8S Period of interest
The interest is payable for the period that:

   (a)  started on the later of the following days:

        (i)    the day on which the amount of the surcharge was paid;

        (ii)   the day by which the amount of the surcharge was required to be
               paid; and

   (b)  ends on the day on which the assessment was amended. 8T Rate of
        interest
Interest under this Part is payable at such annual rate or rates as are
provided for by section 214A of the Income Tax Assessment Act, less 4
percentage points.

[Minister's second reading speech made in-
House of Representatives on 13 February 1997
Senate on 25 March 1997]