Document ID: chunk:federal_register_of_legislation:C2024C00692:section:8e:p1
Version: federal_register_of_legislation:C2024C00692
Segment Type: section
Provision Reference: s 8E (pt 1/2)
Character Range: 22086–24737

8E  Entitlement to interest—ordinary taxpayers
 (1) If:
 (a) a person who is not a full self‑assessment taxpayer furnishes a return of income for a year of income; and
 (b) an assessment is made of the income tax payable by the person for the year of income; and
 (c) the notice of assessment notifies that the Commissioner has credited, applied or refunded (which crediting, applying or refunding is the notice crediting) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of income; and
 (d) the sum of the income tax crediting amounts in paragraph (c) exceeds the sum of the following amounts:
 (i) income tax payable under the assessment (after allowing any rebate, except a tax offset that is subject to the refundable tax offset rules, or deduction under subsection 100(2) of the Tax Act and before allowing any crediting, applying or other payment);
 (iii) a compulsory repayment amount that is notified in the notice of assessment;
 (iiiaa) a compulsory VETSL repayment amount that is notified in the notice of assessment;
 (iiia) a compulsory SSL repayment amount that is notified in the notice of assessment;
 (iiib) a compulsory ABSTUDY SSL repayment amount that is notified in the notice of assessment;
 (iiic) a compulsory AASL repayment amount that is notified in the notice of assessment;
 (iv) an FS assessment debt that is notified in the notice of assessment;
 (iva) a liability under section 282‑18 of the Private Health Insurance Act 2007 that is notified in the notice of assessment;
 (v) interest for the year of income payable by the person under section 102AAM of the Tax Act immediately before the notice crediting; and
 (e) the notice crediting occurs more than 30 days or more after the day on which the person furnishes the return of income;
interest is payable by the Commissioner to the person on the excess mentioned in paragraph (d), calculated in respect of the period applicable under section 8F at the rate specified in section 8I.
Note: Division 67 of the Income Tax Assessment Act 1997 lists the tax offsets that are subject to the refundable tax offset rules.
 (2) If:
 (a) a person who is not a full self‑assessment taxpayer furnishes a return of income for a year of income; and
 (b) an assessment is made of the income tax payable by the person for the year of income; and
 (c) after the notice of assessment is issued to the person, the Commissioner credits, applies or refunds (which crediting, applying or refunding is a post‑notice crediting) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of