Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
You are entitled to claim a credit if the amount of your instalment for an *instalment quarter (the current quarter ) in an income year is nil because the amount worked out for the current quarter in accordance with section 45-410 or 45-412 (as appropriate) is negative. The amount of the credit is equal to that amount, expressed as a positive amount.
A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.
Note: See section 3AA .
Chapter 2 - Collection, recovery and administration of income tax
PART 2-10
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PAY AS YOU GO (PAYG) INSTALMENTS
Division 45
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Instalment payments
Subdivision 45-M
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How amount of quarterly instalment is worked out on basis of your estimate of your benchmark tax
SECTION 45-420
CREDIT IN CERTAIN CASES WHERE AMOUNT OF INSTALMENT IS NIL
45-420(1)
You are entitled to claim a credit if the amount of your instalment for an *instalment quarter (the current quarter ) in an income year is nil because the amount worked out for the current quarter in accordance with section 45-410 or 45-412 (as appropriate) is negative. The amount of the credit is equal to that amount, expressed as a positive amount.
45-420(2)
A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.
Note:
How the credit is applied is set out in Division 3 of Part IIB .
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