Taxation Administration Act 1953

You are entitled to a credit if:

you are liable to pay *general interest charge under section 45‑620 because you got one or more *tax benefits from the *scheme; and

the Commissioner is satisfied that:

you got a *tax detriment from the scheme; and

the tax detriment relates to a *component of your *tax position for an income year, and that component is covered by section 45‑610.

How the credit is applied is set out in Division 3 of Part IIB.

The credit is equal to the *general interest charge on twice the amount of the *tax detriment for each day in the period that:

started at the beginning of the day by which your instalment for the period mentioned in the item of the table in section 45‑610 that applies for the purposes of working out the amount of the tax detriment:

was due to be paid; or

would have been due to be paid if you had been liable to pay an instalment for that period; and

finishes at the end of the day on which your assessed tax for the income year is due to be paid.

However, the credit cannot exceed the total *general interest charge you are liable to pay under section 45‑620 because you got one or more *tax benefits from the *scheme.

If you get 2 or more *tax detriments from the scheme, subsections (1) and (2) have a separate application to each of them. However, the total of the credits cannot exceed the total *general interest charge referred to in subsection (3).