Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p62
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 154451–156899

(ii) if the person is a relevant entity or an instalment
taxpayer and the payment is of, or on account of, income tax -
the final instalment day (also the 'appropriate due day') in
respect of the year of income in respect of which the income
tax is payable;
interest is payable by the Commissioner to the person on the
payment, calculated in respect of the period applicable under
section 8B at the rate specified in section 8C.
  "(2) A reference in paragraph (1)(a) to a person making a
payment of, or 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 (other than Division 1) of the Tax Act or
section 20B of the Loan (Income Equalisation Deposits) Act
1976.
  "(3) A reference in paragraph (1)(a) to a person making a
payment of, or on account of, any thing listed in any of the
subparagraphs of that paragraph does not include a reference to
the person being deemed or taken, by the Tax Act or any other
Act, to have paid the thing because of the crediting or
applying of any relevant tax, income tax crediting amount or
other payment.
Interest period
  "8B. (1) Subject to subsection (2), interest under section 8A
is payable to a person for the period:
  (a) if the person is neither a relevant entity nor an
instalment taxpayer - from the beginning of the later of the
following days:
    (i) the day on which the payment is made;
    (ii) the day on which the notice notifying the tax, debt,
interest or instalment concerned is issued; and
  (b) if the person is a relevant entity or an instalment
taxpayer - from the beginning of the day on which the payment
is made;
until the end of the appropriate due day.
  "(2) If the payment is to any extent refunded before the
appropriate due day, interest is not payable on the payment to
that extent in respect of any period after the day on which the
refund takes place.
Rate of interest
  "8C. Interest under section 8A is payable at such annual rate
or rates as are provided for by section 214A of the Tax Act,
less 4 percentage points.
No double entitlement to interest
  "8D. If:
  (a) interest is payable under this Part on a payment in
respect of a period; and
  (b) interest is also payable under Part IIIA on the whole or
part of the payment in respect of the whole or part of the
period;
then interest is not payable under this Part on the whole or
part of the