Taxation Administration Act 1997

In addition to the amount of an overpayment of tax refunded under section 29, the Commissioner is required to pay interest on the amount of the overpayment, calculated on a daily basis from the date of payment of the amount overpaid until the date the refund is approved by the Commissioner.

Interest is to be calculated at the rate specified as the market rate component in section 35(2).

The Commissioner is not required to pay interest under subsection (1) on an amount refunded unless the amount of interest exceeds $20.

Despite subsection (1), the Commissioner may apply, against any liability of a person under a taxation law, or another Act of which the Commissioner has the general administration, an amount of interest that the Commissioner would otherwise be required under that subsection to pay to the person.