Adjusted accumulated FS debt
1061ZZES Adjusted accumulated FS debt
A person’s adjusted accumulated FS debt on the earlier date is the amount worked out using the formula:
Start formula Accumulated FS debt minus open bracket FSA debts plus Repayments plus Increases in FSA debts minus Reductions in FSA debts close bracket end formula
In this section:
accumulated FS debt means the person’s accumulated FS debt on the earlier date as worked out under this Division as it previously applied in respect of that date.
FSA debts means the total of:
any FS assessment debt or FS assessment debts of the person, assessed on or after the earlier date and before the later date, excluding any FS assessment debt assessed because of a return lodged before the earlier date; and
any FS assessment debt or FS assessment debts of the person, assessed on or after the later date because of a return lodged before the later date.
increases in FSA debts means any amount, or the total of any amounts, by which any FS assessment debt is increased by an amendment of the relevant assessment (whether because of an increase in the person’s taxable income or otherwise) where the amendment was made on or after the earlier date and before the later date.
reductions in FSA debts means any amount, or the total of any amounts, by which any FS assessment debt is reduced by an amendment of the relevant assessment (whether as a result of a reduction in the person’s taxable income or otherwise) where the amendment was made on or after the earlier date and before the later date.
repayments means any amount, or the total of any amounts, repaid, except in discharge of an FS assessment debt, on or after the earlier date and before the later date in reduction of the accumulated FS debt on the earlier date as worked out under this Division as it previously applied in respect of that date.
For the purposes of subsection (2), an assessment or an amendment of an assessment is taken to have been made on the date stated in the notice of assessment or notice of amended assessment, as the case may be, to be the date of that notice.
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