INCOME TAX ASSESSMENT ACT 1936 - SECT 172 Refunds of amounts overpaid

INCOME TAX ASSESSMENT ACT 1936 - SECT 172

  (1)   Where, by reason of an amendment of an assessment, a person's liability to tax (the earlier liability ) is reduced:

  (a)   the amount by which the tax is so reduced is taken never to have been payable for the purposes of:

  (i)   provisions of this Act that apply the general interest charge; and

  (ii)   Division   280 in Schedule   1 to the Taxation Administration Act 1953 (which applies the shortfall interest charge); and

  (b)   the Commissioner must apply the amount of any tax overpaid in accordance with Divisions   3 and 3A of Part   IIB of the Taxation Administration Act 1953 .

  (1A)   However, if a later amendment of an assessment is made and all or some of the person's earlier liability in relation to a particular is reinstated, paragraph   (1)(a) is taken not to have applied, or not to have applied to the extent that the earlier liability is reinstated.

  (2)   In subsection   (1), unless the contrary intention appears, tax includes the general interest charge under a provision of this Act, additional tax under Part   VII and shortfall interest charge.

Note 1:   The general interest charge is worked out under of Part   IIA of the Taxation Administration Act 1953 .

Note 2:   Subsection   8AAB(4) of that Act lists the provisions that apply the charge.