129Giving effect to decision on objection, review or appeal

129 Giving effect to decision on objection, review or appeal (1) When a decision on an objection, review or appeal becomes final, the decision maker must, as soon as reasonably practicable, take any action that is necessary to give effect to the decision, including the following actions: (a) if the decision affects an assessment of tax liability – making a reassessment to accord with the decision; (b) if the decision affects a determination made under section 52B(3) – making a redetermination under section 52C to accord with the decision; (c) if the decision affects a royalty assessment – making an amendment to the assessment under the MRA to accord with the decision;

Taxation Administration Act 2007 63 (d) refunding any amount that is required to be refunded, or paying any other amount that is required to be paid, as a result of the decision. (2) For a decision on an objection, if no application for review is made, or no appeal is commenced, in respect of the decision within the 60-day period referred to in sections 116 and 117, the decision becomes final at the end of that period for subsection (1). (3) For a decision of NTCAT on a review, if no appeal to the Supreme Court against the decision is commenced within a period of 30 days after the day on which the decision is made, the decision becomes final at the end of that period for subsection (1). (4) For a decision of the Supreme Court on an appeal, if no further appeal to a court against the decision is commenced within the period allowed for commencing the further appeal, the decision becomes final at the end of that period for subsection (1). (5) If an amount is required to be refunded to a person as a result of a decision on an objection, review or appeal under this Part, the person is entitled to be paid the amount with interest. (6) For subsection (5), the interest payable on the amount is to be calculated on a daily basis from the date of its payment by the objector to the date of the refund at the market interest rate.