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 2-5 - PAY AS YOU GO (PAYG) WITHHOLDING  

Division 18 - Recipient ' s entitlements and obligations  

Subdivision 18-A - Crediting withheld amounts  

Entitlement to credits: income tax liability

SECTION 18-20   TAX CREDIT WHERE RECIPIENT IS A PARTNERSHIP  

18-20(1)  


An entity is entitled to a credit in respect of *amounts withheld from *withholding payments made to a partnership during an income year if:


(a) the entity has an individual interest in the net income or partnership loss of the partnership for that income year that is wholly or partly attributable to those withholding payments; and


(b) the *income tax return of the partnership for the income year has been lodged with the Commissioner; and


(c) an assessment has been made of the income tax payable, or an assessment has been made that no income tax is payable, by the entity for the income year.

18-20(2)  
The amount of the credit is worked out using the formula:


Amounts withheld   ×                 Individual interest                
    Net income/partnership loss

where:

amounts withheld
means the sum of the *amounts withheld from the *withholding payments.

individual interest
means so much of the individual interest of the partner as is attributable to the *withholding payments.

net income/partnership loss
means so much of the net income or partnership loss for that income year as is attributable to the *withholding payments.


 

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