Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p71
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 176014–178483

on account of:
  (a) income tax; or
  (b) HEC assessment debt; or
  (c) FS assessment debt;
does not include a reference to the making of a deduction or
payment under Part VI of the Tax Act or section 20B of the Loan
(Income Equalisation Deposits) Act 1976.
Period of interest
  "12B. The interest is payable for the period from the
beginning of the 30th day after the day on which the request
was made until the end of the day on which the remission,
refund or crediting takes place.
Rate of interest
  "12C. Interest under this Part is payable at such annual rate
or rates as are provided for by section 214A of the Tax Act,
less 4 percentage points.
            "PART IIIB - ADJUSTMENT OF INTEREST
Interest to be in multiples of 1 cent
  "12D. If an amount of interest calculated under this Act is
not a multiple of 1 cent, the amount of interest is to be:
  (a) if the amount of 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.
Small amounts of interest not to be paid
  "12E. If, apart from this section, an amount of interest:
  (a) would be payable to a person under this Act; and
  (b) is less than 50 cents;
the amount is not payable to the person.
Adjustment where amount to be paid by, or refunded to, person
does not exceed 49 cents
  "12F. If:
  (a) an amount of interest payable to a person under this Act
is applied in discharge of a liability of the person to the
Commonwealth; and
  (b) the amount (if any) remaining to be paid (the 'net
amount') by the person in relation to that liability is less
than 50 cents;
the net amount is not payable by the person.".
  23. Section 13:
Omit "this Act", substitute "Part IIB, Part III or Part IIIA".
  24. Section 13:
Add at the end:
  "(2) The Commissioner may apply an amount of interest payable
under Part IIA (other than an amount to which subsection (3)
applies) to a person who is neither a relevant entity nor an
instalment taxpayer in payment of the following, in order:
  (a) income tax payable by the person for the year of income
following the eligible year of income;
  (b) HEC assessment debt worked out by reference to the
person's taxable income of the year of income following the
eligible year of income;
  (c) FS assessment debt worked out by reference to the
person's taxable income of the year of income following the
eligible year of income;
  (d) additional tax under