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The procedures are best explained by the following example.

Example

The due date for tax is 30 June 2010

• On 30 June 2010 we issue a calculation for the first instalment of tax on the IOP. Tax due on the whole of the IOP is 拢20,000, so tax of 拢2,000 is due on the first instalment. As the calculation is issued before the due date no interest is due.
• On 30 June 2011 a calculation for the second instalment is issued. No interest was due on the instalment itself but interest was payable on unpaid tax (拢20,000 - 拢2,000) from 1 July 2010 to 30 June 2011 = 拢538.52.
• On 30 June 2012, a calculation for the third instalment is prepared. The total tax on the IOP is reduced to 拢16,000. So the tax now due is three tenths of 拢16,000 = 拢4,800 less tax already assessed (拢4,000) = 拢800. No interest is payable on the instalment itself. But, interest is payable on unpaid tax (拢16,000 - 拢4,000) from 1 July 2011 to 30 June 2012 = 拢360.00. Interest must also be repaid on the decrease in total tax (拢20,000 - 拢16,000) from the original due date (1 July 2010) to the date it was last paid (30 June 2011) = 拢119.67.
• In this situation the taxpayer does not automatically get a credit for supplementary interest on the interest repayable of 拢119.67 because there is no repayment warrant. To compensate for this you must make an adjustment to the interest charge. Treat the interest repaid as a deposit.
• So, assuming that the effective date of payment was 15 August 2011 the adjustment would be:
• (on 拢119.67 from 15 August 2011 to 30 June 2012) to the date of the last instalment (30 June 2012) at the lower repayment rate for interest = 拢0.53
• The total amount of tax and interest due is:
  • Tax + 拢800.00
  • Interest due on unpaid tax + 拢360.00
  • Less interest to be repaid - 拢119.67
  • Less interest supplement -拢0.53
  • Total due 拢1039.80