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

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

Part 2   Application and transitional

405   Application of new Part IIB of the Taxation Administration Act

(1) Part IIB of theTaxation Administration Act 1953, so far as that Part relates to the establishment, operation and effect of RBAs, applies as follows:

(a) tax debts owing at or after the commencing time may be allocated to an RBA after the commencing time, regardless of when the debts arose;

(b) in all other respects, the amendments apply from the commencing time.

(2) Section 8AAZL of theTaxation Administration Act 1953 applies as follows:

(a) payments received by the Commissioner either before or after the commencing time (and not already applied before the commencing time) must be applied in accordance with that section after the commencing time;

(b) credits arising either before or after the commencing time (and not already applied before the commencing time) may be applied in accordance with that section after the commencing time.

(3) Section 8AAZM of theTaxation Administration Act 1953 applies to payments received after the commencing time.

(4) Section 8AAZN of theTaxation Administration Act 1953 applies to overpayments made by the Commissioner after the commencing time.

(5) In this item:

commencing time means the beginning of 1 July 1999.