111Interest payable on refunds

111 Interest payable on refunds (1) If the taxpayer is entitled to a refund of an amount following the determination of an objection or a decision of the ACAT, the commissioner must pay interest on the amount calculated on a daily basis from the date of its payment by the taxpayer until the date of the refund at the market rate component under section 26. (2) Interest under this section is not payable to a person on an overpaid amount of interest or penalty tax under part 5 in relation to any periods in relation to which the overpaid amount has been passed on by the person to another person and has not been refunded. (3) Section 20 applies to an amount of interest payable under this section as if it were a refund. (4) No interest is payable under this section if the amount that would otherwise be payable is less than $1. (5) If— (a) an amount of interest payable to a person under this section is applied by the commissioner against a tax liability of the person; and (b) the amount (if any) remaining to be paid by the person to the commissioner, or to be refunded to the person by the commissioner, would, apart from this subsection, be less than $1; then the remaining amount ceases to be payable by the person or to the person. Treatment of bodies corporate Division 11.2