Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 205 - Franking accounts, franking deficit tax liabilities and the related tax offset  

Operative provisions  

SECTION 205-35   Refund of income tax or diverted profits tax  

205-35(1)    
An entity receives a refund of income tax if and only if:


(a) either:


(i) the entity receives an amount as a refund; or

(ii) the Commissioner applies a credit, or an *RBA surplus, against a liability or liabilities of the entity; and


(b) the refund of the amount, or the application of the credit, represents in whole or in part:


(i) a return to the entity of an amount paid or applied to satisfy the entity ' s liability to pay income tax; or

(ii) the amount remaining after applying a *loss carry back tax offset, or a *tax offset that is subject to the refundable tax offset rules because of section 67-30 (about R & D), against the entity ' s basic income tax liability.

205-35(1A)    


An entity receives a refund of diverted profits tax if and only if:


(a) either:


(i) the entity receives an amount as a refund; or

(ii) the Commissioner applies a credit, or an *RBA surplus, against a liability or liabilities of the entity; and


(b) the refund of the amount, or the application of the credit, represents in whole or in part a return to the entity of an amount paid or applied to satisfy the entity ' s liability to pay *diverted profits tax.


205-35(2)    


The amount of the refund is so much of the amount refunded or applied as represents the return, or amount remaining, referred to in paragraph (1)(b) or (1A)(b).

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