588F

Certain taxation liabilities taken to be debts

In force

(1)

For the purposes of this Part, a company’s liability under a remittance provision to pay to the Commissioner of Taxation an amount equal to a deduction made by the company, after 1 July 1993, from a payment:

(a)

is taken to be a debt; and

(b)

is taken to have been incurred when the deduction was made.

(2)

In this section:

remittance provision means any of the following former provisions of the Income Tax Assessment Act 1936:

(aa)

section 220AAE, 220AAM or 220AAR;

(a)

section 221F (except subsection 221F(12)) or section 221G (except subsection 221G(4A));

(b)

subsection 221YHDC(2);

(c)

subsection 221YHZD(1) or (1A);

(d)

subsection 221YN(1);

or any of the provisions of Subdivision 16‑B in Schedule 1 to the Taxation Administration Act 1953.

(3)

This section is not intended to limit the generality of a reference in this Act to a debt or to incurring a debt.

This Act’s bill:Explanatory memorandum Second reading speech

Research tools for this sectionSubscription

Cited by Analyse Interrogate History Equivalents

The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.