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 credit: departing Australia superannuation payment

SECTION 18-42   CREDIT - DEPARTING AUSTRALIA SUPERANNUATION PAYMENT  

Credit - amount withheld

18-42(1)  


If there is an *amount withheld from a *withholding payment that is covered by section 12-305 (departing Australia superannuation payment), the entity liable to pay *withholding tax under section 301-175 of the Income Tax Assessment Act 1997 on the payment is entitled to a credit of an amount equal to the amount withheld. Credit - penalty amount

18-42(2)  


If an entity has paid to the Commissioner a penalty amount under section 16-30 or 16-35 in relation to an *amount required to be withheld under section 12-305 (departing Australia superannuation payment), the entity mentioned in subsection (1) is entitled to a credit equal to the penalty amount. Remission

18-42(3)  


If the Commissioner remits the whole or a part of the amount of penalty under section 298-20 that has been paid to the Commissioner by the entity:


(a) any credit that relates to the amount is reduced by the amount that is remitted; and


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




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