TAXATION (UNPAID COMPANY TAX) ASSESSMENT ACT 1982

***** Repealed 22 September 1999 *****

SECTION 20   ARRANGEMENTS FOR PAYMENT OF COMPANY TAX  

20(1)  [Arrangement for payment]  

Where:

(a)  but for paragraphs 5(1)(f) and (2)(f) and subsections 5(4) and 6(2), a primary taxable amount or primary taxable amounts would exist, in relation to a sale or sales of shares under a scheme, in relation to company tax payable by a company;

(b)  assessments have been made of the ordinary company tax and undistributed profits tax payable by the company in relation to the year of income in which the last sale time occurred and each preceding year of income; and

(c)  no assessment has been made of the vendors recoupment tax payable by any person in relation to company tax payable by the company in relation to the year of income in which the last sale time occurred or a preceding year of income,

the Commissioner may enter into an arrangement with a person or persons in relation to the payment of all of the ordinary company tax and undistributed profits tax that is payable by the company in relation to the year of income in which the last sale time occurred and each preceding year of income.

20(2)  [Consequence of payment]  

Where, in accordance with the arrangement, the person pays or the persons pay to the Commissioner all of the company tax payable by the company, on the date on which the payment is made, in relation to the year of income in which the last sale time occurred and each preceding year of income:

(a)  in determining for the purposes of section 7 and subsection 9(7) whether company tax (other than additional tax payable under section 207 of the Assessment Act) that is payable by the company in relation to the year of income in which the last sale time occurred or a preceding year of income remains unpaid, the payment under the arrangement shall be deemed not to have been made;

(b)  in forming an opinion for the purposes of section 7 as to whether vendors recoupment tax will become payable in relation to company tax payable by the company in relation to the year of income in which the last sale time occurred or a preceding year of income, the Commissioner shall disregard the payment under the arrangement; and

(c)  if an amount that is paid to the Commissioner after the time when the payment is made under the arrangement is deemed, under subsection 9(7), to have been applied in reduction of company tax payable by the company in relation to the year of income in which the last sale time occurred or a preceding year of income, the Commissioner shall refund to the person who made the payment under the arrangement or to the persons jointly who made the payment under the arrangement, as the case may be, so much of the amount of the payment made under the arrangement as is equal to the amount that is deemed to have been so applied under subsection 9(7).