Taxation Administration Act 1953

If a *Division 296 debt account for a *superannuation interest is in debit at the end of a *financial year, the Commissioner is to debit the account for interest on the amount by which the account is in debit, calculated at the *long term bond rate for that financial year.

Interest would not be debited to a Division 296 debt account that is no longer being kept by the Commissioner because the assessed Division 296 tax liability being tracked in the account has been finally discharged as mentioned in subsection 134‑105(3).

The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, to a *Division 296 debt account under subsection (1) if:

the Division 296 debt account is credited:

under section 134‑70 because of a *Division 296 deferral reversal; or

because a determination under section 134‑10 is varied or revoked; and

the Commissioner is satisfied that, because of that credit, it would be fair and reasonable to do so.

The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, to a *Division 296 debt account under subsection (1) if the Commissioner is satisfied that, because special circumstances exist, it would be fair and reasonable to do so.