s 61A
In forceInterest on particular overpayments following commissioner’s decision
Part 5Interest and penalty tax
Division 3Interest payable by commissioner
61A Interest on particular overpayments following commissioner’s decision
(1)
This section applies if a taxpayer is entitled to a refund of tax or late payment interest (the overpaid amount) because of a reassessment giving effect to a decision of the commissioner under section 67(1).
(2)
The commissioner must pay interest on the overpaid amount.
(3)
The interest must be calculated on a daily basis at the prescribed rate from the date the overpaid amount was paid to the commissioner to the date the refund is made by the commissioner.
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