Commonwealth Numbered Acts

TAXATION (INTEREST ON OVERPAYMENTS) ACT 1983No. 12, 1983 - SECT 10

10. (1) Interest payable to a person by virtue of section 9 in respect of an
amount of relevant tax, or the part of an amount of relevant tax, refunded to
the person, or applied against any liability of the person to the
Commonwealth, as a result of a decision to which this Act applies shall be
calculated-

   (a)  in respect of the period that commenced on whichever is the latest of
        the following days, namely:

        (i)    the day on which notice of the assessment, determination or
               decision, being the assessment, determination or decision in
               relation to which the decision to which this Act applies was
               made, was issued to the person by the Commissioner;

        (ii)   the day on which the amount of relevant tax was paid to the
               Commissioner; or

        (iii)  14 February 1983,

and ended on the day on which the amount of the relevant tax or the part of
the amount of relevant tax, as the case may be, was so refunded or applied;
and

   (b)  at such rate of interest as is, or such rates of interest as are,
        applicable under the regulations.

(2) Regulations made for the purposes of paragraph (1) (b) may prescribe
different rates of interest in respect of different periods.

(3) Until regulations are made for the purposes of paragraph (1) (b), interest
payable to a person by virtue of section 9 shall be calculated at the rate of
14.026% per annum.

(4) Where an amount of interest calculated in accordance with sub-section (1)
is not a multiple of 1 cent, the amount of the interest shall be-

   (a)  if the amount of the interest is a multiple of 0.5 cent-increased by
        0.5 cent; or

   (b)  in any other case-increased or decreased, as the case requires, to the
        nearest multiple of 1 cent.