Taxation Administration Act 1953

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

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-15 - COLLECTION AND RECOVERY OF TAX-RELATED LIABILITIES AND OTHER AMOUNTS  

Division 268 - Estimates  

Subdivision 268-D - Reducing and revoking estimates  

SECTION 268-60   CONSEQUENCES OF REDUCTION OR REVOCATION - REFUND  

268-60(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 estimate as at the time just before the payment or application.

Example:

You pay an amount towards discharging the estimate and the estimate is later reduced to a lesser amount.

Note:

Section 268-50 provides for the reduction of the amount of the estimate in the case of overpayment.

268-60(2)  
The Commissioner must pay you the excess.

Note:

See Division 3A of Part IIB of this Act for the rules about how the Commissioner must pay you. Division 3 of that Part allows the Commissioner to apply the amount owing as a credit against tax debts that you owe the Commonwealth.




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