Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p69
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 171132–173719

was made wholly or partly to provide correlative
relief in respect of the taxing of an amount under a law of a
foreign country; and
  (c) either:
    (i) the law of the foreign country did not require the
payment of late payment interest in respect of the amount; or
    (ii) the law of the foreign country did require the payment
of late payment interest but the payment had not been made by
the time the decision to which this Act applies was made;
subsection (1) does not apply to the overpayment to the extent
to which it is attributable to the provision of the correlative
relief.".
  14. Paragraph 9(5)(a):
Omit "Income Tax Assessment Act 1936", substitute "Tax Act".
  15. Subsection 9(7):
Omit "Income Tax Assessment Act 1936", substitute "Tax Act".
  16. Paragraph 10(1)(a):
Before "in respect of" insert "if paragraph (aa) does not apply -".

  17. After paragraph 10(1)(a):
Insert:
  "(aa) if the person is a relevant entity or an instalment
taxpayer and the relevant tax is a relevant tax of a kind
referred to in paragraph (a) of the definition of 'relevant
tax' in subsection 3(1) - in respect of the period that
commenced on the final instalment day in relation to the year
of income for which the relevant tax was payable and ended on
the day on which the amount of the relevant tax or the part of
the amount of the relevant tax, as the case may be, was so
refunded or applied; and".
  18. Paragraph 10(1)(b):
Omit the paragraph, substitute:
  "(b) at such annual rate or rates as are provided for by
section 214A of the Tax Act, less 4 percentage points.".
  19. Subsections 10(2), (3) and (4):
Omit the subsections.
  20. Sections 11 and 11A:
Repeal the sections, substitute:
Limit on overpayment of interest where correlative relief in
respect of foreign tax
  "11. If:
  (a) apart from this section, interest is payable in respect
of the whole or part (which whole or part is the 'overpayment')
of an amount of relevant tax; and
  (b) the decision to which this Act applies mentioned in
subsection 9(1) was made wholly or partly to provide
correlative relief in respect of the taxing of an amount under
a law of a foreign country; and
  (c) as a result, the whole or part (which whole or part is
the 'correlative relief amount') of the overpayment is
attributable to the provision of the correlative relief; and
  (d) the interest on the overpayment, to the extent that it is
attributable to the correlative relief amount, exceeds the
lesser of:
    (i) the amount of the late payment interest paid in respect
of the amount taxed under the law of the foreign country,