Subclause 51.5 of the proposed legislation would require that a taxpayer be paid interest at the specified rate—i.e., plus 4%—from the 30th day after a refund application is filed with the minister. The proposed amendment would not provide for the higher rate of interest to be paid. The provision is currently worded to ensure that a taxpayer is not prejudiced by any unexpected delay in processing a refund under the proposed legislation.
On November 7th, 2006. See this statement in context.