Tax Office to refund overcharged interest

The recent MYEFO publication includes a fiscal risk to revenue around an error in the Tax Office system which calculated the general interest charge (GIC) for the 1993 to 1999 years for some taxpayers. All taxpayers who were overcharged will have interest refunded and will be compensated. In most cases the refund will be less than $10 and all those affected will be contacted directly. The Commissioner identified this issue in his 2004-05 Annual Report and the Tax Office has been working on it since late June 2005. This is a difficult administrative issue and work is still being done to calculate the exact amounts for refunds and compensation to those affected. The Tax Office asked people to be patient while information is being extracted from systems - some of this data is more than ten years old. Because amounts have not been finalised the Tax Office also asked people not to call the help desks as there is no information about individual amounts available at this time. In late January 2006 the Tax Office expects to be in a position to make another public announcement about how people will get their refunds and compensation.

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