72Refund of overpaid amounts

#### 72 Refund of overpaid amounts (1) If, because of an amendment of an assessment, a person’s liability (the earlier liability) to tax or a related charge is reduced, the amount by which the tax or charge is so reduced is taken never to have been payable for the purposes of: (a) section 85 (which applies the general interest charge); and (b) Division 280 in Schedule 1 to the Taxation Administration Act 1953 (which applies the shortfall interest charge). > Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953. (2) The Commissioner must refund or apply the amount of any tax overpaid in accordance with Divisions 3 and 3A of Part IIB of the Taxation Administration Act 1953. (3) However, if a later amendment of the assessment is made and all or some of the person’s earlier liability in relation to a particular is reinstated, subsection (1) is taken not to have applied, or not to have applied to the extent that the earlier liability is reinstated. > Note: If the amendment of an assessment results in an increase in a person’s tax liability, the person is liable to pay shortfall interest charge on the amount of the increase: see Division 280 in Schedule 1 to the Taxation Administration Act 1953.