s 53
In forceInterest does not accrue on refunded deposits
Part 6Crediting of interest
Division 6Interest not to accrue in certain cases
53 Interest does not accrue on refunded deposits
No interest
(1)
Despite section 49, interest does not accrue, and is taken never to have accrued, under that section in respect of so much of the balance of an account as is refunded under Part 8.
Reversing interest credit
(2)
If interest has been credited to an individual’s account in contravention of subsection (1), the Commissioner of Taxation must debit the account by the amount of the credit. The debit must be made before the account balance is debited by the amount of the refund payment.
Unallocated Interest Pool to be credited
(3)
The Unallocated Interest Pool is to be credited by the amount of a debit under subsection (2).
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