155‑75 Refunds of amounts overpaid155‑75 Refunds of amounts overpaid

155‑75 Refunds of amounts overpaid

(1) This section applies if: (a) an assessment of an *assessable amount of yours is amended; and (b) as a result of the amendment, a *tax‑related liability (the earlier liability) of yours is reduced. (2) For the purposes of any *taxation law that applies the *general interest charge, the amount by which the *tax‑related liability is reduced is taken never to have been payable.

Note 1: The general interest charge is worked out under Part IIA of this Act.

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

(3) The Commissioner must apply the amount of any *tax‑related liability overpaid in accordance with Divisions 3 and 3A of Part IIB of this Act (about running balance accounts and the application of payments and credits). (4) However, if: (a) a later amendment of an assessment of an *assessable amount is made; and (b) all or some of your earlier liability in relation to a particular is reinstated; this section is taken not to have applied to the extent that the earlier liability is reinstated.