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

176   Section 221YE

Repeal the section, substitute:

221YE Entitlement to provisional tax credit

If a taxpayer has paid provisional tax, or an instalment of provisional tax, in respect of income of any year of income, and:

(a) an assessment of income tax in respect of that income has been made; or

(b) the Commissioner is satisfied that no income tax will be payable in respect of that income;

the taxpayer is entitled to a credit equal to the amount of that provisional tax or that instalment of provisional tax.