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

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

Part 1   Amendments

Taxation (Interest on Overpayments and Early Payments) Act 1983

353   Subsection 3(1) (definition of income tax crediting amount)

Repeal the definition, substitute:

income tax crediting amount , in relation to income tax payable by a person for a year of income, means:

(a) any of the following that is applied against the income tax under section 8AAZL of theTaxation Administration Act 1953:

(i) any amount of a credit under Division 18, 18A or 18B of Part III of the Tax Act or under theIncome Tax (International Agreements) Act 1953, to the extent to which it is not applied to provide correlative relief in respect of the taxing of an amount under a law of a foreign country;

(ii) any amount of a credit under Division 18, 18A or 18B of Part III of the Tax Act or under theIncome Tax (International Agreements) Act 1953, to the extent to which it is applied to provide correlative relief in respect of the taxing of an amount under a law of a foreign country, provided that the following requirements are met:

(A) the law of the foreign country requires the payment of late payment interest in respect of the amount taxed;

(B) the late payment interest was paid by the time the applying of the amount took place;

(iii) any amount of a credit that does not arise under Division 18, 18A or 18B of Part III of the Tax Act or under theIncome Tax (International Agreements) Act 1953; or

(b) any offset under section 160AQK of the Tax Act.