12ACEntitlement to interest for RBA surpluses after request for refund

12AC Entitlement to interest for RBA surpluses after request for refund

If: (a) the Commissioner has allocated a payment to an RBA of an entity; and (b) the Commissioner has allocated or intends to allocate a BAS amount or petroleum resource rent tax amount to that RBA; and (c) under subsection 8AAZLF(2) of the Taxation Administration Act 1953, the Commissioner, as a result of a request by the entity, is required to refund the whole or part of an RBA surplus for that RBA; and (d) the refund takes place after the RBA interest day; then interest is payable by the Commissioner to the entity on the amount refunded.

Note: Section 12AF defines BAS amount, petroleum resource rent tax amount, RBA surplus and RBA interest day.