18-40

Credit: liability under Part 4‑25

Current

(1)

If an entity has paid to the Commissioner:

(a)

an amount of penalty under Subdivision 284‑C in relation to a *scheme to which paragraph 177C(1)(bc) of the Income Tax Assessment Act 1936 applies for a *withholding payment; or

(b)

an amount of *general interest charge under section 298‑25 in relation to that amount;

the entity liable to pay the *withholding tax for that withholding payment is entitled to a credit equal to the amount paid by the entity.

Remission

(2)

If:

(a)

an entity has paid an amount under Subdivision 284‑C in relation to a penalty mentioned in paragraph (1)(a); and

(b)

the Commissioner remits the whole or a part of the amount of the penalty under section 298‑20;

then:

(c)

any credit under subsection (1) relating to the amount paid by the entity is reduced by the amount that is remitted; and

(d)

the Commissioner must pay to the entity an amount equal to the amount that is remitted.

(3)

If:

(a)

an entity has paid to the Commissioner an amount of *general interest charge mentioned in paragraph (1)(b); and

(b)

the Commissioner remits the whole or a part of the amount of the charge under section 8AAG;

then:

(c)

any credit under subsection (1) relating to the amount is reduced by the amount that is remitted; and

(d)

the Commissioner must pay to the entity an amount equal to the amount that is remitted.

Entitlement to credit: departing Australia superannuation payment

This Act’s bill: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.