INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) income tax payable in respect of that taxable income; and
(b) tax payable in accordance with section 160AQJ ; and
(c) any other liability of the taxpayer to the Commonwealth under or by virtue of an Act of which the Commissioner has the general administration;
and must refund to the taxpayer so much of the amount as is not so credited.221AZF(2) [Deemed credited on assessment]
An amount that is to be credited by the Commissioner under subsection (1) is to be taken to be credited on the day on which an assessment is deemed by section 166A to have been made in respect of the taxpayer's income of the year of income in respect of which the amount was paid to the Commissioner.