Taxation Administration Act 1953

PART IIB - RUNNING BALANCE ACCOUNTS, APPLICATION OF PAYMENTS AND CREDITS, AND RELATED MATTERS  

Division 3 - Treatment of payments, credits and RBA surpluses  

SECTION 8AAZLA   METHOD 1 - ALLOCATING THE AMOUNT FIRST TO AN RBA  

8AAZLA(1)   [ Allocation ]  

The Commissioner may, in the manner he or she determines, allocate the amount to an RBA of the entity or, if the entity is a member of an RBA group, to an RBA of another member of the group.

8AAZLA(2)   [ Application of amount ]  

The Commissioner must then also apply the amount against the following kinds of debts (if there are any):

(a) tax debts that have been allocated to that RBA;

(b) general interest charge on such tax debts.

8AAZLA(3)   [ Excess non-RBA credit ]  

To the extent that the amount is not applied under subsection (2), it gives rise to an excess non-RBA credit in favour of the entity that:

(a) is equal to the part of the amount that is not applied; and

(b) relates to the RBA to which the amount was allocated.