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: dividend, interest or royalty, amount attributable to fund payment or Seasonal Labour Mobility Program

SECTION 18-35   CREDIT: PENALTY UNDER SECTION 12-415, 16-30, 16-35 OR 16-40 OR RELATED GENERAL INTEREST CHARGE  

18-35(1)  


If an entity has paid:


(a) an amount of penalty under section 16-30 or 16-40 to the Commissioner for a *withholding payment covered by Subdivision 12-F or 12-H ; or


(b) an amount of *general interest charge under section 298-25 for the penalty;

the entity liable to pay the *withholding tax for the withholding payment is entitled to a credit equal to the amount of penalty, or general interest charge, as appropriate.

18-35(1AA)  


If an entity has paid:


(a) an amount of penalty under section 16-30 or 16-35 to the Commissioner for a * withholding payment covered by Subdivision 12-FC (Seasonal Labour Mobility Program); or


(b) an amount of * general interest charge under section 298-25 for the penalty;

the entity liable to pay the * Seasonal Labour Mobility Program withholding tax for the withholding payment is entitled to a credit equal to the lesser of:


(c) the amount of the penalty, or general interest charge, as appropriate; and


(d) the amount of Seasonal Labour Mobility Program withholding tax (and any general interest charge under section 840-910 of the Income Tax Assessment Act 1997 ) in relation to the withholding payment, reduced by:


(i) any credits from an application of section 18-33 in relation to the withholding payment; and

(ii) any credits from a previous application of this subsection in relation to the withholding payment.

18-35(1A)  


If an entity has paid:


(a) an amount of penalty under section 12-415 to the Commissioner for a failure to give a notice, or to make details available on a website, as required by section 12-395 ; or


(b) an amount of *general interest charge under section 298-25 for the penalty;

the entity liable to pay the *managed investment trust withholding tax in relation to the amount (the relevant amount ) giving rise to the penalty is entitled to a credit equal to the lesser of:


(d) the amount of penalty, or general interest charge, as appropriate; and


(e) the amount of managed investment trust withholding tax (and any general interest charge under section 840-810 of the Income Tax Assessment Act 1997 ) in relation to the relevant amount.

Remission

18-35(2)  
If:


(a) an entity has paid to the Commissioner an amount of penalty mentioned in paragraph (1)(a), (1AA)(a) or (1A)(a); and


(b) the Commissioner remits the whole or a part of the amount of the penalty under section 298-20 ;

then:


(c) any credit under subsection (1), (1AA) or (1A) relating to the amount paid to the Commissioner is reduced by the amount that is remitted; and


(d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.

18-35(3)  
If:


(a) an entity has paid to the Commissioner an amount of *general interest charge mentioned in paragraph (1)(b), (1AA)(b) or (1A)(b); and


(b) the Commissioner remits the whole or a part of the amount of the charge under section 8AAG ;

then:


(c) any credit under subsection (1), (1AA) or (1A) relating to the amount is reduced by the amount that is remitted; and


(d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.


 

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