Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
A tax-related liability may arise for an entity before it becomes due and payable by that entity.
For some tax-related liabilities, an assessment needs to be made before the amount of the relevant liability becomes due and payable.
An amount of a tax-related liability may become payable by an entity (for example, when the amount has been assessed) before it is due and payable by that entity.
Note: See section 3AA .
Chapter 4 - Generic assessment, collection and recovery rules
PART 4-15
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COLLECTION AND RECOVERY OF TAX-RELATED LIABILITIES AND OTHER AMOUNTS
Division 250
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Introduction
Subdivision 250-A
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Guide to Part 4-15
SECTION 250-5
SOME IMPORTANT CONCEPTS ABOUT TAX-RELATED LIABILITIES
250-5(1)
A tax-related liability may arise for an entity before it becomes due and payable by that entity.
Example:250-5(2)Under Part 2-5 , an entity ' s liability to pay a withheld amount may arise before the amount is due and payable.
For some tax-related liabilities, an assessment needs to be made before the amount of the relevant liability becomes due and payable.
Example:Under Division 5 of the Income Tax Assessment Act 1997 , an amount of income tax needs to be assessed before it becomes due and payable.
250-5(3)
An amount of a tax-related liability may become payable by an entity (for example, when the amount has been assessed) before it is due and payable by that entity.
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