Document ID: chunk:federal_register_of_legislation:C2024C00692:section:12ac
Version: federal_register_of_legislation:C2024C00692
Segment Type: section
Provision Reference: s 12AC
Character Range: 53695–54431

12AC  Entitlement to interest for RBA surpluses after request for refund
  If:
 (a) the Commissioner has allocated a payment to an RBA of an entity; and
 (b) the Commissioner has allocated or intends to allocate a BAS amount or petroleum resource rent tax amount to that RBA; and
 (c) under subsection 8AAZLF(2) of the Taxation Administration Act 1953, the Commissioner, as a result of a request by the entity, is required to refund the whole or part of an RBA surplus for that RBA; and
 (d) the refund takes place after the RBA interest day;
then interest is payable by the Commissioner to the entity on the amount refunded.
Note: Section 12AF defines BAS amount, petroleum resource rent tax amount, RBA surplus and RBA interest day.