Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 271 - Family trust distribution tax  

SECTION 271-70   271-70   REDUCTION OF LIABILITY WHERE TAX PAID  

If family trust distribution tax (the secondary tax ) becomes payable under section 271-60 or 271-65 on an amount of family trust distribution tax (the primary tax ) that the Commissioner determined was unlikely to be paid:

(a) if any of the primary tax is later paid - any liability to the secondary tax existing at the time of the payment is reduced by the amount of the payment; and

(b) if any of the secondary tax is later paid - any liability to the primary tax existing at the time of the payment is reduced by the amount of the payment.