(1)  If, before the commencement of the Limitation Amendment Act 1993 , money was paid by way of a tax or purported tax or under a mistake, an action for the recovery of the money may not be brought after whichever is the earlier of –

(a) the expiration of the limitation period that would have applied if the Limitation Amendment Act 1993 had not been enacted; or

(b) the expiration of the period of 6 months from the commencement of the Limitation Amendment Act 1993 .

(2)  If, after the commencement of the Limitation Amendment Act 1993 , money was paid by way of a tax or purported tax or under a mistake, an action for the recovery of the money may not be brought after the expiration of the period of 12 months from the date on which the money was paid.

(3)  Subsections (1) and (2) do not apply to an action for the recovery of an amount that –

(a) is recoverable as an overpayment; or

(b) would have been recoverable as an overpayment if –

(i) the tax or purported tax in respect of which the amount was paid had been valid; or

(ii) the amount had not been paid under a mistake.

(4)  .  .  .  .  .  .  .  .  

(5)  Where an action is not brought within the limitation period specified in subsection (1) or (2) , the right to recover the money is extinguished.