Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p72
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 178248–180915

income of the year of income following the
eligible year of income;
  (c) FS assessment debt worked out by reference to the
person's taxable income of the year of income following the
eligible year of income;
  (d) additional tax under Part VII of the Tax Act payable by
the person for the year of income following the eligible year
of income;
  (e) interest under section 102AAM of the Tax Act payable by
the person for the year of income following the eligible year
of income;
  (f) any other liability of the person to the Commonwealth.
  "(3) The Commissioner may apply an amount of interest,
payable under Part IIA to a person in respect of a payment of
or on account of provisional tax mentioned in subparagraph
8A(1)(a)(vi) or an instalment of provisional tax mentioned in
subparagraph 8A(1)(a)(vii), in payment of the following, in
order:
  (a) income tax payable by the person for the eligible year of
income;
  (b) HEC assessment debt worked out by reference to the
person's taxable income of the year of income;
  (c) FS assessment debt worked out by reference to the
person's taxable income of the year of income;
  (d) additional tax under Part VII of the Tax Act payable by
the person for the year of income;
  (e) interest under section 102AAM of the Tax Act payable by
the person for the year of income;
  (f) any other liability of the person to the Commonwealth.
  "(4) The Commissioner may apply an amount of interest payable
under Part IIA to a person who is a relevant entity or an
instalment taxpayer in payment of the following, in order:
  (a) income tax payable by the person for the eligible year of
income;
  (b) additional tax under Part VII of the Tax Act payable by
the person for the eligible year of income;
  (c) interest under section 102AAM of the Tax Act payable by
the person for the eligible year of income;
  (d) any other liability of the person to the Commonwealth.
  "(5) In this section:
  'eligible year of income', in relation to interest payable
under Part IIA, means the year of income in respect of which
the tax, debt, interest,
amount or instalment mentioned in the applicable subparagraph
of paragraph 8A(1)(a) is payable.".
                    PART 3 - OTHER ACTS
        Division 1 - Income Tax Assessment Act 1936
  25. Paragraph 26(jb):
After "Overpayments" insert "and Early Payments".
  26. Section 102AAB (definition of "basic statutory interest
rate"):
Omit the definition, substitute:
  "'basic statutory interest rate', in relation to a year of
income, means such annual rate or rates of interest as are
provided for by section 214A, less 4 percentage points, for the
year of income or for periods included