COM83010 - Interest: interest demands and statements: interest statements
Payment applications issued automatically by the computer or clerically by the Banking Operations Office or Debt Management Office, include the total amount of interest due on
- Tax already paid
And
- Tax remaining collectible
Notes:
|
1. |
Amounts of credit interest (Word 34KB) and repayment interest are included in the total amount paid |
|
2. |
Amounts of debit interest (Word 31KB) and late payment interest (Word 27KB) are shown together as the total interest liability |
Payment applications do not include a computation of how the interest has been calculated. Consequently the company or the agent may ask for details of how the interest has been calculated.
Use Function IINT (Issue Interest Statement) to issue an interest statement if the company or agent asks for details of the interest calculation.
Note: You may use Function IINT to recalculate late payment interest on the unpaid liability, for example when considering a request for time to pay. However function RMIC (Raise Manual Interest Charge) is the only function that allows you to update a record.
The computer issues the interest statement (form CT207) automatically but does not include a payslip or show the amount of interest paid or remaining unpaid.
An interest statement cannot be issued automatically to an overseas address.
For a list of forms relevant to this subject, see COM83011.
For a list of functions to use in particular situations, see COM83012.
