Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
This section applies if:
(a) the estimate is of the unpaid amount of a liability of a company; and
(b) the Commissioner has served a *statutory demand on the company relating to the company ' s liability to pay the unpaid amount of the estimate; and
(c) the amount of the estimate is later reduced, or the estimate is revoked. Statutory demand changed 268-65(2)
The *statutory demand is changed accordingly. 268-65(3)
The *statutory demand is taken to have had effect (as so changed) from the time the Commissioner served it on the company. Statutory demand set aside 268-65(4)
The *statutory demand is set aside if subsection (2) reduces the amount of the debt (or the total of the amounts of the debts) below the statutory minimum (within the meaning of the Corporations Act 2001 ).
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 268-65
CONSEQUENCES OF REDUCTION OR REVOCATION
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STATUTORY DEMAND CHANGED OR SET ASIDE
Scope
268-65(1)
This section applies if:
(a) the estimate is of the unpaid amount of a liability of a company; and
(b) the Commissioner has served a *statutory demand on the company relating to the company ' s liability to pay the unpaid amount of the estimate; and
(c) the amount of the estimate is later reduced, or the estimate is revoked. Statutory demand changed 268-65(2)
The *statutory demand is changed accordingly. 268-65(3)
The *statutory demand is taken to have had effect (as so changed) from the time the Commissioner served it on the company. Statutory demand set aside 268-65(4)
The *statutory demand is set aside if subsection (2) reduces the amount of the debt (or the total of the amounts of the debts) below the statutory minimum (within the meaning of the Corporations Act 2001 ).
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