04 Oct 2019 Interest on amended tax returns
MEMBER 266 writes:
I am currently preparing a 2019 tax return and the prefill report states "Interest on overpayments" of $40.77 which applies to four prior years’ amendments/objections.
I could not reconcile this amount to my records. I had also downloaded the "Year to date interest summary report 2018/2019" which showed credit interest of $56.72 and not $40.77. Further investigation of the difference of $15.95 reveals that my client was paid $14.86 in interest on overpayment on 30 November 2015 relating to her 2015 tax return. On 11 June 2016 she was paid an interest adjustment of $1.09 which makes a total of $15.95.
It now appears we cannot rely on the report titled "Year to date interest summary report 2018/2019". I wonder if the answer might be a "coding error" like Bunnings is saying about their underpayments of staff superannuation contributions.