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27 Sep 1111 Interest on overpayment

In 2010 the ATO experienced delays in issuing some refunds during the introduction of its new income tax processing system. As a result, agent's clients may have been entitled to interest on overpayment (IOP). Most of these interest amounts were small, therefore if a client was entitled to IOP, the ATO advises that it credited their ATO account with the interest. Unless a refund is requested, this credit will be included in their next income tax assessment.


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