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

154   Paragraph 221YAB(1)(a) (definition of Credited amounts)

Repeal the definition, substitute:

Credited amounts means the sum of the following amounts:

(i) amounts applied under section 27CA in respect of payments made to the taxpayer during the preceding year of income;

(ii) amounts applied, in respect of credits under section 159GDA, in payment of the tax payable by the taxpayer in respect of income of the preceding year of income;

(iii) amounts applied, in respect of credits under Division 18, 18A or 18B of Part III or under theIncome Tax (International Agreements) Act 1953, being credits in relation to income derived by the taxpayer during the preceding year of income;

(iv) amounts applied, in respect of credits under section 221H, being credits in relation to deductions from the salary or wages paid to the taxpayer during the preceding year of income;

(v) amounts applied, in respect of credits under section 220AZ, 220AZA, 220AZB, 221YHF or 221YHZK, being credits in relation to deductions from payments made to the taxpayer during the preceding year of income.