Taxation Administration Act 1953

In exercising a power under this section to vary an amount, the Commissioner must have regard to the need to protect a creditor’s right to recover a debt.

The Commissioner may, in writing, vary a particular amount payable by you to the Commissioner under this Subdivision. The variation takes effect when you become aware of it.

Decisions to vary, or not to vary, are reviewable (see section 20‑80).

Any of the following entities may apply to the Commissioner in the *approved form for a variation under subsection (2):

you;

an entity from which you *acquire, or could acquire, the *CGT asset;

an entity that is owed a debt by an entity covered by paragraph (b).

A variation made under subsection (2) is not a legislative instrument.

The Commissioner may, by legislative instrument, vary classes of amounts payable to the Commissioner under this Subdivision.

The Commissioner’s power under subsection (2) or (5) to vary an amount includes the power to reduce the amount to nil.