Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p67
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 166327–168869

final instalment day in relation to the year of
income;
until the end of the day on which the first crediting occurs.
  "(2) If subsection 8G(2) applies and subsection (3) of this
section does not apply, the interest is payable on the excess
mentioned in paragraph 8G(2)(c) for the period from the
beginning of the final instalment day until the end of the day
on which the later crediting occurs.
  "(3) If:
  (a) subsection 8G(2) applies; and
  (b) one or more payments have been made (including any taken
to have been made because of the crediting or applying of any
amount) of any amounts mentioned in subparagraphs 8G(1)(d)(i)
to (iii) after the first crediting and before the later
crediting;
the interest is payable:
  (c) on so much of the excess as is attributable to a
particular payment mentioned in paragraph (b) - for the period
from the beginning of the day on which the payment was made
until the end of the day on which the later crediting occurs;
and
  (d) on so much of the excess as is not attributable to
payments mentioned in paragraph (b) - for the period from the
beginning of the final instalment day until the end of the day
on which the later crediting occurs.
  "(4) For the purposes of subsection (3), but subject to
subsection (5), the excess is attributable to a particular
payment to the extent that it would be set off against that
payment if it were set off in succession against each of the
payments in the reverse of the order in which they were made.
  "(5) For the purposes of subsection (4), any payment is to be
disregarded to the extent that:
  (a) it consists of an amount on which interest is payable
under section 9; or
  (b) it has been taken into account in any previous
application of subsection (4) of this section in relation to a
later crediting occurring before the current later crediting.
Rate of interest
  "8I. 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.
Limit on interest where correlative relief in respect of
foreign tax
  "8J. (1) If:
  (a) apart from this section, interest is payable on an excess
resulting from the crediting, applying or refunding of one or
more income tax crediting amounts; and
  (b) at least one (the 'correlative relief amount') of the
income tax crediting amounts was applied to provide correlative
relief in respect of the taxing of an amount under a law of a
foreign country; and
  (c) the interest on the excess, to the extent that it is
attributable to the