Document ID: chunk:federal_register_of_legislation:C2012A00075:clause:4_1:p3
Version: federal_register_of_legislation:C2012A00075
Segment Type: clause
Provision Reference: sch 4 cl 1 (pt 3/3)
Character Range: 17317–18379

person is entitled to a credit mentioned in subsection 292‑420(8) for that amount; and
 (d) the Commissioner is required to refund all or part of that credit as mentioned in Division 3A of Part IIB of the Taxation Administration Act 1953; and
 (e) the Commissioner does not so refund all or part of that credit within 60 days after receiving that amount.
 (2) The interest is to be calculated:
 (a) on the sum of so much of the following amounts that the Commissioner fails to refund under that Division:
 (i) the amount of that credit;
 (ii) so much of the amount of any *tax offset to which the person is entitled under paragraph 292‑467(2)(b), for the *excess concessional contributions to which the release authority relates, that the Commissioner is required to refund under that Division; and
 (b) for the period:
 (i) beginning 60 days after the day the Commissioner receives the amount; and
 (ii) ending on the day the Commissioner refunds the amount; and
 (c) on a daily basis; and
 (d) at the *base interest rate for the day the interest is calculated.