Interest to be included in refund resulting from objection

Current

(1)

If the result of an assessment or decision by the Minister on an objection is that the objector has overpaid tax, the amount of a refund of the tax overpaid must include interest on the amount overpaid calculated on a daily basis from the relevant date until the date it is refunded or otherwise applied under Part

4 at the market rate from time to time applying under

Part

(2)

In subsection (1)—

relevant date means—

(a)

the date of payment of the amount overpaid; or

(b)

the date on which the Commissioner made the assessment or decision to which the objection relates, whichever is the later.

This Act’s bill:Second reading speech

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90 Interest to be included in refund resulting from objection