Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p70
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 173486–176221

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,
expressed in Australian currency at the exchange rate
applicable at the time when the taxing of the amount under the
law of the foreign country takes place;
Note: Such interest must have been paid or subsection 9(1A)
would prevent the correlative relief amount from attracting
interest under this Part.
    (ii) the correlative relief amount;
the interest otherwise payable on the overpayment is reduced by
the amount of the excess in paragraph (d).".
  21. Subparagraph 12(1)(a)(i):
Omit "Income Tax Assessment Act 1936", substitute "Tax Act".
  22. After Part III:
Insert:
  "PART IIIA - INTEREST ON OVERPAYMENTS RESULTING FROM CERTAIN
              REMISSIONS, REFUNDS AND CREDITS
Entitlement to interest
"12A. (1) If:
  (a) the Commissioner, as a result of a request by a person:
    (i) remits, under subsection 207(1A), 207A(4), 221AY(5),
221AZE(5), 221AZP(4) or 221YDB(4) of the Tax Act, the whole or
part of an amount that has been paid to the Commissioner; or
    (ii) refunds the whole or part of an amount under
subsection 221AQ(3), 221AR(6), 221AU(4), 221AV(4), 221AW(5),
221AX(14), 221AZL(2) or 221AZQ(1) of the Tax Act; or
    (iii) refunds or credits the whole or part of an amount
under subsection 221YBA(6), 221YCA(2) or 221YG(2) of the Tax
Act; or
    (iv) refunds the whole or part of a payment made by the
person on account of:
      (A) income tax; or
      (B) HEC assessment debt; or
      (C) FS assessment debt; or
      (D) additional tax under Part VII of the Tax Act; or
      (E) interest under section 102AAM of the Tax Act; or
      (F) provisional tax; or
      (G) an instalment of provisional tax within the meaning
of section 221YA of the Tax Act; or
      (H) an amount mentioned in subsection 221AP(1) of the Tax
Act; or
      (I) an amount mentioned in paragraph 221AZD(b) of the Tax
Act; or
      (J) an instalment under subsection 221AZK(2) of the Tax
Act; and
  (b) the remission, refund or crediting takes place more than
30 days after the day on which the request is made;
interest is payable by the Commissioner to the person on the
amount remitted, refunded or credited, calculated in respect of
the period applicable under section 12B at the rate specified
in section 12C.
  "(2) A reference in subparagraph (1)(a)(iv) to a person
making a payment 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