SAM20070 – Assessments:
assessments within SA: relevant dates for section 86 interest
purposes
The SA system will automatically compute Section 86 interest on
the basis of the entries you make in the various fields in function
CREATE REVENUE ASSESSMENT. These may be
- FIRST POA - 31st January during the year of
assessment
- SECOND POA - 31st July following the end of the
year of assessment
- BALANCE - 31st January following the end of the
year of assessment
If you need to record any other relevant date(s) for Section 86
interest purposes use function AMEND RELEVANT DATES.
To determine the correct relevant dates, (and the entries
you should make in function CREATE REVENUE ASSESSMENT), you must
consider
- The type of assessment being made
- The year of assessment
- In respect of discovery, whether the assessment is
for one year only, or whether assessments for consecutive years are
being made
Use the tables below to determine the relevant date(s) for
Section 86 interest
Discovery assessment
| 1995-96 or earlier | The balancing payment due
date for the year of assessment |
| 1996-97 or later - First
or only year | The balancing payment due
date for the year of assessment |
| 1996-97 or later - Other
years | The due dates of the
payments on account, and the balancing payment for the year of
assessment |
Self employment - adjustment to years prior to
cessation
| All years | 30 days after the date of
issue of the Notice of assessment |
Capital Gains - withdrawal of roll-over relief
| All years | The due date of the
balancing payment for the year of assessment |
Recovery of over-repayment
| All years | The date the repayment
being recovered was made |
