268-50
CurrentHow estimate may be reduced—amount paid or applied
Volume 2Schedule 1, Chapter 2, Part 2-10 to Chapter 4, Part 4-25 (sections 45-1 to 298-110)
Schedule 1Collection and recovery of income tax and other liabilities
Chapter 4Generic assessment, collection and recovery rules
Part 4-15Collection and recovery of tax‑related liabilities and other amounts
Division 268Estimates
Subdivision 268-DReducing and revoking estimates
268-50 How estimate may be reduced—amount paid or applied
(1)
This section applies if:
(a)
an amount is paid or applied towards discharging your liability to pay the amount of the estimate; and
(b)
the amount paid or applied exceeds the unpaid amount of the underlying liability as at the time just before the payment or application.
(2)
The amount of the estimate is reduced so that it does not exceed the unpaid amount, at the time mentioned in paragraph (1)(b), of the underlying liability.
This Act’s bill:Second reading speech
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.