95Payment of interest

95 Payment of interest

[Section 95 Amended by No. 60 of 2002, s. 37, Applied:19 Dec 2002] [Section 95 Substituted by No. 8 of 2008, s. 44, Applied:02 May 2008]

(1)  In addition to an amount refunded under this Division the Commissioner is required to pay interest on the amount calculated at the market rate referred to in section 35(1)(a) on a daily basis from whichever of the following is the later until the date of the refund:

(a) the date of payment of the amount overpaid;

(b) the date on which the Commissioner made the assessment to which the objection and appeal relates.

(1A)  [Section 95 Subsection (1A) inserted by No. 43 of 2016, s. 29, Applied:31 Oct 2016] Despite subsection (1) , the Commissioner –

(a) may apply so much of any interest calculated in accordance with that subsection against any liability of the relevant person under a taxation law, or another Act of which the Commissioner has the general administration; and

(b) is not required to pay under that subsection so much of an amount of interest as is applied under paragraph (a) .

(2)  The Commissioner is not required to pay interest under subsection (1) on an amount refunded unless the amount of interest exceeds $20.00.