Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_1:p23
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 23/29)
Character Range: 65573–68401

the *excess contributions tax assessment.

292‑390  General interest charge

  If *excess contributions tax payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the *general interest charge on the unpaid amount for each day in the period that:
 (a) starts at the beginning of the day on which the excess contributions tax was due to be paid; and
 (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid:
 (i) the excess contributions tax;
 (ii) general interest charge on any of the excess contributions tax.

Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953.

292‑395  Refunds of amounts overpaid

  Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if references in that section to tax included references to *excess contributions tax.

292‑400  Security for payment of tax

  In section 213 of the Income Tax Assessment Act 1936 (under which the Commissioner may require security for the payment of income tax), a reference to income tax includes a reference to *excess contributions tax.

292‑405  Release authority

 (1) As soon as practicable after making an *excess contributions tax assessment for a person, the Commissioner must give the person the following, in accordance with this section:
 (a) if the person is liable to pay an amount of *excess concessional contributions tax in accordance with the assessment—a release authority in respect of the amount;
 (b) if the person is liable to pay an amount of *excess non‑concessional contributions tax in accordance with the assessment—a release authority in respect of the amount.

 (2) A release authority must:
 (a) state the amount of *excess concessional contributions tax or *excess non‑concessional contributions tax (whichever is applicable) that the person is liable to pay as a result of the assessment; and
 (b) be dated; and
 (c) contain any other information that the Commissioner considers relevant.

292‑410  Giving a release authority to a superannuation provider

 (1) The person may give the release authority to a *superannuation provider that holds a *superannuation interest (other than a *defined benefit interest) for the person within 90 days after the date of the release authority.

Note: Excess contributions tax is due and payable at the end of 21 days after notice of assessment: see section 292‑385.

 (2) However, if:
 (a) the release authority is for *excess non‑concessional contributions tax; and
 (b) a *superannuation provider holds a *superannuation interest for the person (other than a *defined benefit interest);
the person must give the release authority to a superannuation provider holding a superannuation interest for