Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
This section applies if:
(a) an amount is paid or applied towards discharging your liability to pay the amount of the estimate; and
(b) the amount paid or applied exceeds the unpaid amount of the underlying liability as at the time just before the payment or application. 268-50(2)
The amount of the estimate is reduced so that it does not exceed the unpaid amount, at the time mentioned in paragraph (1)(b), of the underlying liability.
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 268
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Estimates
Subdivision 268-D
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Reducing and revoking estimates
SECTION 268-50
HOW ESTIMATE MAY BE REDUCED
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AMOUNT PAID OR APPLIED
268-50(1)
This section applies if:
(a) an amount is paid or applied towards discharging your liability to pay the amount of the estimate; and
(b) the amount paid or applied exceeds the unpaid amount of the underlying liability as at the time just before the payment or application. 268-50(2)
The amount of the estimate is reduced so that it does not exceed the unpaid amount, at the time mentioned in paragraph (1)(b), of the underlying liability.
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