INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3B - Collection of tax in respect of certain payments  

Subdivision B - Deductions from certain payments  

SECTION 221YHZK   CREDITS IN RESPECT OF DEDUCTED AMOUNTS  

221YHZK(1)   [Amount of credit]  

Where:

(a) the Commissioner is satisfied that an amount or amounts (in this subsection referred to as the ``deducted amounts'' ) were deducted, or were purportedly deducted, during a year of income, under subsection 221YHZC(1) or (1A) , from a payment or payments to a person, not being a partnership or the trustee of a trust estate; and

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

the person is entitled to a credit of an amount equal to the deducted amounts.

221YHZK(2)   [Amount of credit for partners]  

Where:

(a) the Commissioner is satisfied that an amount or amounts (in this subsection referred to as the ``deducted amounts'' ) were deducted, or were purportedly deducted, during a year of income, under subsection 221YHZC(1) or (1A) , from a payment or payments to a person, being a partnership (in this subsection referred to as the ``partnership payments'' ); and

(b) an assessment has been made of the tax payable, or the Commissioner is satisfied that no tax is payable, in relation to the year of income by a partner in the partnership whose individual interest in the net income or partnership loss of the partnership is wholly or partly attributable to the partnership payments,

the partner is entitled to a credit of an amount equal to so much of the deducted amounts as the Commissioner is satisfied is attributable to that individual interest.

221YHZK(3)   [Credit for trustees and beneficiaries]  

Where the Commissioner is satisfied that an amount or amounts (in this subsection referred to as the ``deducted amounts'' ) were deducted, or were purportedly deducted, during a year of income, under subsection 221YHZC(1) or (1A) , from a payment or payments to a person, being a trustee of a trust estate (in this subsection referred to as the ``trust payments'' ), the following provisions have effect:

(a) where:

(i) a share of the net income of the trust estate is included in the assessable income of a beneficiary of the trust estate under section 97 , being a share that is wholly or partly attributable to the trust payments; and

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

the beneficiary is entitled to a credit of an amount equal to so much of the deducted amounts as the Commissioner is satisfied is attributable to that share of the net income of the trust estate;

(b) where:

(i) the trustee is liable to be assessed under section 98 in respect of a share of the net income of the trust estate to which a beneficiary is presently entitled, being a share that is wholly or partly attributable to the trust payments; and

(ii) an assessment has been made of the tax payable, or the Commissioner is satisfied that no tax is payable, by the trustee in respect of that share,

the trustee is entitled to a credit of an amount equal to so much of the deducted amounts as the Commissioner is satisfied is attributable to that share of the net income of the trust estate;

(c) where:

(i) the trustee is liable to be assessed under section 99 or 99A in respect of the net income, or a part of the net income, of the trust estate and that net income or part is wholly or partly attributable to the trust payments; and

(ii) an assessment has been made of the tax payable, or the Commissioner is satisfied that no tax is payable, by the trustee under those sections in respect of that net income or part,

the trustee is entitled to a credit of an amount equal to so much of the deducted amounts as the Commissioner is satisfied is attributable to the net income or the part of the net income of the trust estate;

(d) where there is no net income of the trust estate of the year of income, the trustee is entitled to a credit of an amount equal to the deducted amounts.

221YHZK(4)   [Section applicable to sec 221YHZD(1B) payments]  

This section applies in relation to a payment or payments to the Commissioner under subsection 221YHZD(1B) in respect of a payment or payments to a person as if the payment or payments under that subsection were an amount or amounts deducted under subsection 221YHZC(1A) .

221YHZK(5)