Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-15 - COLLECTION AND RECOVERY OF TAX-RELATED LIABILITIES AND OTHER AMOUNTS  

Division 269 - Penalties for directors of non-complying companies  

Subdivision 269-C - Discharging liabilities  

SECTION 269-40   EFFECT OF DIRECTOR PAYING PENALTY OR COMPANY DISCHARGING LIABILITY  

Liabilities

269-40(1)  
This section applies to the following liabilities:


(a) the liability of the company under its obligation referred to in section 269-10 ;


(b) the liability of each director (or former director) to pay a penalty under this Division in relation to the liability of the company referred to in paragraph (a);


(c) a liability under a judgment, to the extent that it is based on a liability referred to in paragraph (a) or (b). Discharging one liability discharges other liabilities

269-40(2)  
If an amount is paid or applied at a particular time towards discharging one of the liabilities, each of the other liabilities in existence at that time is discharged to the extent of the same amount.

269-40(3)  
If, because of section 268-20 (Nature of liability to pay estimate), one of the liabilities is discharged at a particular time to the extent of a particular amount, each of the other liabilities in existence at that time is discharged to the extent of the same amount.

269-40(4)  
This section does not discharge a liability to a greater extent than the amount of the liability.


 

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