Taxation Laws Amendment Act (No. 3) 1993 (118 of 1993)

Part 4   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 9   Amendments relating to dividend imputation

Subdivision B   Amendments of the Principal Act

80   Insertion of new section

After section 160AQD of the Principal Act the following section is inserted in Division 3 of Part IIIAA:

Determination of estimated class B debit

"160AQDA.(1) If a company:

(a) has taken liability reduction action; or

(b) has paid an initial payment of tax under section 221AP;

the company may lodge an application with the Commissioner for:

(c) the determination of an estimated class B debit in relation to the liability reduction action or in relation to the payment of the initial payment of tax; or

(d) the determination of such an estimated class B debit in substitution for an earlier determination.

"(2) An estimated class B debit in relation to an initial payment of tax must relate to the refund of that payment under subsection 221AQ(3), 221AR(6) or 221AU(4).

"(3) The application must:

(a) be made before the termination time; and

(b) be in the approved form; and

(c) specify the amount of the estimated class B debit applied for.

"(4) The Commissioner:

(a) may determine an estimated class B debit not greater than the amount specified in the application; and

(b) must serve notice of any such determination on the company.

"(5) If:

(a) a company lodges an application with the Commissioner on a particular day (the 'application day'); and

(b) at the end of the 21st day after the application day, the Commissioner has neither:

(i) served notice of an estimated class B debit determination on the company; nor

(ii) refused to make an estimated class B debit determination;

the Commissioner is taken, on the 22nd day after the application day, to have:

(c) determined an estimated class B debit in accordance with the application; and

(d) served notice of the determination on the company.

"(6) A notice of an estimated class B debit determination has no effect if it is served after the termination time.".