Taxation Administration Act 1953

PART IIB - RUNNING BALANCE ACCOUNTS, APPLICATION OF PAYMENTS AND CREDITS, AND RELATED MATTERS  

Division 3A - Refunds of RBA surpluses and credits  

SECTION 8AAZLH   HOW REFUNDS ARE MADE  

8AAZLH(1)  


This section applies to refunds payable to an entity of RBA surpluses, or excess non-RBA credits that relate to an RBA, if primary tax debts arising under:


(a) any of the BAS provisions (as defined in subsection 995-1(1) of the Income Tax Assessment Act 1997 ); or


(b) any of the petroleum resource rent tax provisions (as defined in that subsection);

have been allocated to that RBA.

8AAZLH(2)  


The Commissioner must pay those refunds to the credit of a financial institution account nominated in the approved form by the entity. The account nominated must be maintained at a branch or office of the institution that is in Australia.

8AAZLH(2A)  


The account must be one held by:


(a) the entity, or the entity and some other entity; or


(b) the entity ' s registered tax agent or BAS agent; or


(c) a legal practitioner as trustee or executor for the entity.

8AAZLH(3)  
However, the Commissioner may direct that any such refunds be paid to the entity in a different way.

8AAZLH(4)  
If an entity has not nominated a financial institution account for the purposes of this section and the Commissioner has not directed that any such refunds be paid in a different way, the Commissioner is not obliged to refund any amount to the entity until the entity does so.

8AAZLH(5)  


If the Commissioner pays a refund to the credit of an account nominated by an entity, the Commissioner is taken to have paid the refund to the entity.

 

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