Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Income Tax Assessment Act 1936

145   Subsection 221H(3)

Repeal the subsection, substitute:

(3) If:

(a) a person has purchased one or more tax vouchers during a year of income; and

(b) an assessment has been made of the tax payable, or the Commissioner is satisfied that no tax is payable, by the purchaser in relation to the year of income;

the purchaser is entitled to a credit equal to the sum of the amounts of the purchases.