s 246M

What is an AFAD windfall

In force

An AFAD windfall, in relation to a relevant transaction on which invalid AFAD is purportedly imposed, is an amount equal to the total of the following—

(a)

the invalid AFAD;

(b)

any assessed interest and penalty tax for the invalid AFAD;

(c)

any amount paid for late payment interest in relation to the invalid AFAD.

This Act’s bill:Explanatory memorandum

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