Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Income Tax Assessment Act 1936

144   Subsection 221H(2)

Repeal the subsection, substitute:

(2) If:

(a) an employer has made any deductions in respect of an employee under this Division during a year of income; and

(b) an assessment has been made of the tax payable, or the Commissioner is satisfied that no tax is payable, by the employee in relation to the year of income;

the employee is entitled to a credit equal to the sum of the deductions.