CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY  

Division 1 - Preliminary  

SECTION 588F   CERTAIN TAXATION LIABILITIES TAKEN TO BE DEBTS  

588F(1)   [ Tax remittance liabilities are debts]  

For the purposes of this Part, a company's liability under a remittance provision to pay to the Commissioner of Taxation an amount equal to a deduction made by the company, after 1 July 1993, from a payment:


(a) is taken to be a debt; and


(b) is taken to have been incurred when the deduction was made.

588F(2)   [ ``remittance provision'']  

In this section:

remittance provision
means any of the following former provisions of the Income Tax Assessment Act 1936 :


(aa) section 220AAE, 220AAM or 220AAR;


(a) section 221F (except subsection 221F(12)) or section 221G (except subsection 221G(4A));


(b) subsection 221YHDC(2);


(c) subsection 221YHZD(1) or (1A);


(d) subsection 221YN(1);

or any of the provisions of Subdivision 16-B in Schedule 1 to the Taxation Administration Act 1953 .

588F(3)   [ Generality of reference to a debt, etc]  

This section is not intended to limit the generality of a reference in this Act to a debt or to incurring a debt.


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