TAXATION ADMINISTRATION ACT 2001 - SECT 61A
Interest on particular overpayments following commissioner’s decision
TAXATION ADMINISTRATION ACT 2001 - SECT 61A
Interest on particular overpayments following commissioner’s decision
61A Interest on particular overpayments following commissioner’s decision
(1) This section applies if a taxpayer is entitled to a refund of tax or late
payment interest (the
"overpaid amount" ) because of a reassessment giving effect to a decision of
the commissioner under section 67(1) .
(2) The commissioner must pay
interest on the overpaid amount.
(3) The interest must be calculated on a
daily basis at the prescribed rate from the date the overpaid amount was paid
to the commissioner to the date the refund is made by the commissioner.