Taxation (Interest on Overpayments) Regulations (Amendment) (Cth)

Statutory Rules 1994

No. 220 1

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Taxation (Interest on Overpayments) Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Taxation (Interest on Overpayments) Act 1983.

Dated 27 June 1994.

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

GEORGE GEAR

Assistant Treasurer

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1.   Commencement

1.1   These Regulations commence on 1 July 1994.

2.   Amendment

2.1   The Taxation (Interest on Overpayments) Regulations are amended as set out in these Regulations.

3.   Regulation 4 (Rate of interest)

3.1   Omit the regulation, substitute:

Rate of interest on overpayments

“4.

(1) For the purposes of paragraph 10 (1) (b) of the Act, the prescribed rate of interest in relation to an overpayment of an amount of relevant tax is a yearly rate equal to the yearly rate of the Treasury Note yield, for the month in which the Commissioner becomes liable to pay the interest, less 4 percentage points.

“(2)

In subregulation (1), ‘Treasury Note yield’ has the same meaning as in section 214A of the Income Tax Assessment Act 1936.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1994.

2. Statutory Rules 1992 No. 178.