TAXATION (INTEREST ON OVERPAYMENTS) REGULATIONS (AMENDMENT) 1994 NO. 220 

TAXATION (INTEREST ON OVERPAYMENTS) REGULATIONS (AMENDMENT) 1994 NO. 220 
- TABLE OF PROVISIONS

1.  Commencement  
2.  Amendment  
3.  Regulation 4 (Rate of interest)  


1994 No. 220 TAXATION (INTEREST ON OVERPAYMENTS) REGULATIONS (AMENDMENT) - REG
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1. Commencement


  1.1 These Regulations commence on 1 July 1994.


1994 No. 220 TAXATION (INTEREST ON OVERPAYMENTS) REGULATIONS (AMENDMENT) - REG
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2. Amendment


  2.1 The Taxation (Interest on Overpayments) Regulations are amended as set
out in these Regulations.


1994 No. 220 TAXATION (INTEREST ON OVERPAYMENTS) REGULATIONS (AMENDMENT) - REG
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3. Regulation 4 (Rate of interest)


  3.1 Omit the regulation, substitute:

Rate of interest on overpayments
  "4. (1) For the purposes of paragraph 10 (1) (b) of the Act, the prescribed
rate of interest in relation to an overpayment of an amount of relevant tax is
a yearly rate equal to the yearly rate of the Treasury Note yield, for the
month in which the Commissioner becomes liable to pay the interest, less 4
percentage points.

  "(2) In subregulation (1), 'Treasury Note yield' has the same meaning as in
section 214A of the Income Tax Assessment Act 1936.".


- NOTES


1994 No. 220*1* TAXATION (INTEREST ON OVERPAYMENTS) REGULATIONS*2*
(AMENDMENT)

- Dated 27 June 1994


*1* Notified in the Commonwealth of Australia Gazette on 30 June 1994.
*2* 1992 No. 178.