Commonwealth Numbered Regulations

1994 No. 220 TAXATION (INTEREST ON OVERPAYMENTS) REGULATIONS (AMENDMENT) - REG 3

3.1 Omit the regulation, substitute:

Rate of interest on overpayments

"4. (1) For the purposes of paragraph 10 (1) (b) of the Act, the prescribed
rate of interest in relation to an overpayment of an amount of relevant tax is
a yearly rate equal to the yearly rate of the Treasury Note yield, for the
month in which the Commissioner becomes liable to pay the interest, less 4
percentage points.



"(2) In subregulation (1), 'Treasury Note yield' has the same meaning as in
section 214A of the Income Tax Assessment Act 1936.".