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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.