LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART III - REPAYMENT OF DEPOSITS

SECTION 20C   REDUCTION IN PRESCRIBED PERCENTAGE OF DEDUCTION UNDER SECTION 20B  

20C(1)  [Deduction of specified percentage]  

Where the authorized person is given a statement under section 18 or 20A that a person wishes to reduce the prescribed percentage of an assessable amount otherwise to be deducted under section 20B to a specified percentage, the authorized person may deduct, from the deposit or part of the deposit concerned, the specified percentage, instead of the prescribed percentage, of the assessable amount.

20C(2)  [Matter to be considered]  

In deciding whether to do so the authorized person is to have regard to the amount of tax that is likely to be payable in respect of the assessable amount in the assessment concerned.

20C(3)  [Application for review]  

Where the authorized person does not, because of a decision under subsection (1), deduct the specified percentage instead of the prescribed percentage, the other person may apply to the Administrative Appeals Tribunal for a review of the decision.

20C(4)  [Where Tribunal decides deduction of specified percentage]  

If:

(a)  the Administrative Appeals Tribunal decides, on the application, that the authorized person should have deducted the specified percentage instead of the prescribed percentage; and

(b)  the other person notifies the Commissioner in writing of the decision of the Tribunal before the Commissioner has made or amended, as the case requires, an assessment in relation to the owner of the deposit, or part of the deposit, concerned, in relation to the year of income in which the assessable amount is or would be included;

the following provisions apply:

(c)  the Commissioner must refund to the other person the difference between the specified percentage and the prescribed percentage of the assessable amount;

(d)  for the purposes of section 159GDA of the Assessment Act, the amount so refunded shall be taken never to have been deducted from the deposit or part of the deposit.

20C(5)  [Refund]  

The refund is payable out of the Consolidated Revenue Fund, which is appropriated accordingly.