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Tax Laws Amendment (2012 Measures No. 4) Bill 2012

Schedule 3 Consolidation

   

Tax Laws Amendment (2012 Measures No. 2) Act 2012

1  At the end of Schedule 3

Add:

53  No overpayments interest arises from pre rules

(1)       Disregard a deduction covered by subitem (2) in working out:

                     (a)  the amount (if any) of an excess mentioned in paragraph 8G(1)(d) of the Taxation (Interest on Overpayments and Early Payments) Act 1983 ; and

                     (b)  the amount (if any) of an excess mentioned in paragraph 8G(2)(c) of that Act; and

                     (c)  the extent (if any) to which an amount of relevant tax is overpaid as mentioned in paragraph 9(1)(b) of that Act.

(2)       A deduction is covered by this subitem if the pre rules apply in working out the amount of the deduction.

(3)       This item does not apply to the extent that its application would affect an amount of interest paid by the Commissioner of Taxation under the Taxation (Interest on Overpayments and Early Payments) Act 1983 before 25 November 2011.

54  No shortfall interest charge or shortfall penalty arises from pre or interim rules

(1)       Disregard a deduction covered by subitem (3) in working out under subsection 280-100(1) in Schedule 1 to the Taxation Administration Act 1953 the extent (if any) to which an entity is liable to pay an additional amount of income tax because of an amended assessment.

(2)       Disregard a deduction covered by subitem (3) in working out the amount (if any) of a shortfall amount under subsection 284-80(1) in that Schedule.

(3)       A deduction is covered by this subitem if the pre rules or interim rules apply in working out the amount of the deduction.