Interest to be included in refund resulting from appeal
99 Interest to be included in refund resulting from appeal
If the result of an assessment or decision by the Supreme Court on an appeal is that the appellant 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
5.
In subsection (1)—
the relevant date means—
the date of payment of the amount overpaid; or
the date on which the Commissioner made the assessment or decision to which the objection and the appeal relates, whichever is the later.
This Act’s bill:Second reading speech
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