TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-5 - PAY AS YOU GO (PAYG) WITHHOLDING  

Division 18 - Recipient ' s entitlements and obligations  

Subdivision 18-A - Crediting withheld amounts  

Entitlement to credit: taxable supply of real property

SECTION 18-60   CREDIT - PAYMENT RELATING TO TAXABLE SUPPLY OF REAL PROPERTY  

18-60(1)  
An entity is entitled to a credit if:


(a) the entity made a *taxable supply to which subsection 14-250(2) applies; and


(b) another entity made a payment under section 14-250 in relation to the supply.

18-60(2)  
The amount of the credit is an amount equal to the amount of the payment.

18-60(3)  
The credit arises when an assessment has been made of the entity ' s *net amount for the *tax period of the entity in which the payment was made.




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