Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-5 - PAY AS YOU GO (PAYG) WITHHOLDING  

Division 18 - Recipient ' s entitlements and obligations  

Subdivision 18-A - Crediting withheld amounts  

Entitlement to credits: dividend, interest or royalty, amount attributable to fund payment or Seasonal Labour Mobility Program

SECTION 18-40   CREDIT: LIABILITY UNDER PART 4-25  

18-40(1)  


If an entity has paid to the Commissioner:


(a) an amount of penalty under Subdivision 284-C in relation to a *scheme to which paragraph 177C(1)(bc) of the Income Tax Assessment Act 1936 applies for a *withholding payment; or


(b) an amount of *general interest charge under section 298-25 in relation to that amount;

the entity liable to pay the *withholding tax for that withholding payment is entitled to a credit equal to the amount paid by the entity.

Remission

18-40(2)  


If:


(a) an entity has paid an amount under Subdivision 284-C in relation to a penalty mentioned in paragraph (1)(a); and


(b) the Commissioner remits the whole or a part of the amount of the penalty under section 298-20 ;

then:


(c) any credit under subsection (1) relating to the amount paid by the entity is reduced by the amount that is remitted; and


(d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.

18-40(3)  
If:


(a) an entity has paid to the Commissioner an amount of *general interest charge mentioned in paragraph (1)(b); and


(b) the Commissioner remits the whole or a part of the amount of the charge under section 8AAG ;

then:


(c) any credit under subsection (1) relating to the amount is reduced by the amount that is remitted; and


(d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.




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