Victorian Numbered Acts Victorian Numbered ActsFor section 116 of the Taxation Administration Act 1997 substitute —
(1) In addition to an amount refunded under this Part, the Commissioner must pay interest on that amount in relation to the period starting on the date the taxpayer paid the overpaid amount or the date the Commissioner made the assessment to which the objection and review or appeal relates (whichever is the later date) and ending on the date of the refund.
(2) Subject to subsection (4), in addition to an amount applied to a taxpayer's existing liability under this Part, the Commissioner must pay interest on that amount in relation to the period starting on the date the taxpayer paid the overpaid amount or the date the Commissioner made the assessment to which the objection and review or appeal relates (whichever is the later date) and ending on the date the Commissioner applies the amount.
(3) Subject to subsection (5), in addition to an amount applied to a taxpayer's future liability under this Part, the Commissioner must pay interest on that amount in relation to the period starting on the date the taxpayer paid the overpaid amount or the date the Commissioner made the assessment to which the objection and review or appeal relates (whichever is the later date) and ending on the date the future liability arises.
(4) Instead of paying interest under subsection (2), the Commissioner may apply that interest against the taxpayer's liability referred to in that subsection.
(5) Instead of paying interest under subsection (3), the Commissioner may apply that interest against the taxpayer's future liability referred to in that subsection if the taxpayer has given consent under section 20A(2).
(6) The Commissioner must pay the taxpayer any amount of interest referred to in subsection (2) or (3) that is not applied under this section.
(7) The Commissioner must pay interest under this section on a daily basis calculated at the market rate referred to in section 25(1)(a).".