SUPERANNUATION CONTRIBUTIONS AND TERMINATION PAYMENTS TAXES - SCHEDULE 8 --Amendment of the Taxation (Interest on Overpayments and Early Payments) Act 1983

Commonwealth Numbered Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

SUPERANNUATION CONTRIBUTIONS AND TERMINATION PAYMENTS TAXES - SCHEDULE 8

--Amendment of the Taxation (Interest on Overpayments and Early Payments) Act 1983 1 After Part IID

Insert:

Part IIE--Interest on overpayments resulting from certain amendments of assessments made under the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

8U Interpretation Expressions used in this Part that are defined in the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 have the same meanings as in that Act.

8V Entitlement to interest If:

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

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

(c) the assessment is amended (otherwise than under section 16 of that Act) reducing the liability of the person to pay surcharge;

interest is payable by the Commissioner to the person in accordance with this Part on the amount by which the surcharge payable by the person under the amended assessment is less than the surcharge that was paid by the person under the assessment that was amended.

8W Period of interest The interest is payable for the period that:

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

8X 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 IIF--Interest on overpayments resulting from certain amendments of assessments made under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 8Y 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.

8Z Entitlement to interest If:

Superannuation Contributions Tax (Assessment and Collection) Act 1997

(b) the superannuation provider has paid the assessed amount of the surcharge in respect of the person; and

(c) the assessment is amended under section 18 of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 after the person provides a tax file number reducing the liability of the provider to pay surcharge;

interest is payable by the Commissioner to the superannuation provider in accordance with this Part on the amount by which the surcharge payable by the provider under the amended assessment is less than the surcharge that was paid by the provider under the assessment that was amended.

8ZA Period of interest The interest is payable for the period that:

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

8ZB 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.

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback