INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteThe Commissioner may, having regard to the purpose for which this Division was enacted and to particular circumstances that exist in relation to a relevant entity, determine:
(a) that the amount that, but for this subsection, would be payable by the entity as an initial payment of tax in respect of its taxable income of a year of income is to be reduced by such amount as the Commissioner thinks appropriate; or
(b) that the entity is not required to make an initial payment of tax in respect of its taxable income of a year of income. 221AV(2) [Circumstances to be considered]
The particular circumstances to which regard may be had under subsection (1) in relation to a relevant entity include the operation, in relation to the entity in relation to the year of income referred to in that subsection or the next preceding year of income, of subsection 98A(2) , Division 18 of Part III , section 160AQK or Division 1AA or 3A of this Part, or of the International Tax Agreements Act 1953 .
Where the Commissioner makes a determination under subsection (1), the Commissioner must cause a written notice to be served on the relevant entity setting out:
(a) in the case of a determination under paragraph (1)(a) - the amount of the reduction; or
(b) in the case of a determination under paragraph (1)(b) - the effect of the determination. 221AV(4) [Refund by Commissioner]
Where a relevant entity has made an initial payment of tax in respect of its taxable income of a year of income and, because of a determination under subsection (1):
(a) the amount of the payment exceeded the amount that the entity was required to pay; or
(b) the entity was not required to make the payment;
the Commissioner must, as soon as practicable, refund to the entity the excess or the amount of the payment, as the case may be.
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