COM83010 - Interest: interest demands and statements: interest statements
Payment applications issued automatically by COTAX or clerically by the Banking Operations Office or Debt Management Office, include the total amount of interest due on
- tax already paid
- tax remaining collectible.
Notes:
| 1. | Amounts of credit interest and repayment interest are included in the total amount paid. |
| 2. | Amounts of debit interest and late payment interest are shown together as the total interest liability. |
Payment applications do not include a computation of how the interest has been calculated so the company or the agent may ask for details of the calculations. Use Function IINT (Issue Interest Statement) to issue an interest statement when a company or agent makes such a request.
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.
COTAX 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.
See: