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

160   Subparagraph 221YCA(3)(c)(ii)

Repeal the subparagraph, substitute:

(ii) where an amount of an instalment is reduced and the taxpayer has paid an amount in respect of the instalment, the taxpayer is entitled to a credit equal to the amount overpaid;