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 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-A - Basic rules  

SECTION 45-30   CREDIT FOR INSTALMENTS PAYABLE  

45-30(1)  

You are entitled to a credit when the Commissioner makes an assessment of the income tax you are liable to pay for an income year or an assessment that no income tax is payable by you for an income year.

45-30(2)  

The credit is equal to:

• the total of each instalment payable by you for the income year (even if you have not yet paid it);

reduced by:

• the total of each credit that you have claimed under section 45-215 or 45-420 in respect of such an instalment.

45-30(3)  

The making of the assessment, and the resulting credit entitlement, do not affect the liability to pay an instalment.

Note:

How the credit is applied is set out in Division 3 of Part IIB .

45-30(4)  

If:

(a) you are a *subsidiary member of a *consolidated group at any time during a *consolidation transitional year for you; and

(b) an amount of instalment payable by you, or an amount of credit claimed by you under section 45-215 or 45-420 , is taken into account in working out a credit to which the *head company of that consolidated group is entitled under section 45-865 for a consolidation transitional year for the head company;

that amount, to the extent to which it is so taken into account under that section, is not to be taken into account in working out any credit to which you are entitled under this section for any year.