INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 3 - Estimated debits  

SECTION 160AQDAA   DETERMINATION OF ESTIMATED CLASS C DEBIT  

160AQDAA(1)   [Application for Commissioner's determination]  

If a company:

(a) has taken liability reduction action; or

(b) has paid a company tax instalment;

the company may lodge an application with the Commissioner for:

(c) the determination of an estimated class C debit in relation to the liability reduction action or the company tax instalment; or

(d) the determination of such an estimated class C debit in substitution for an earlier determination.

160AQDAA(2)   [Estimated class C debit in relation to company tax instalment]  

An estimated class C debit in relation to a company tax instalment must relate to the refund of that instalment under section 221AZL or 221AZQ .

160AQDAA(2A)   [PAYG instalment variation credit]  

An estimated class C debit in relation to a PAYG instalment must relate to a PAYG instalment variation credit in relation to the instalment.

160AQDAA(3)   [Form and manner of application]  

The application must:

(a) be made before the termination time; and

(b) be in the approved form; and

(c) specify the amount of the estimated class C debit applied for.

160AQDAA(4)   [Commissioner's determination and notice]  

The Commissioner:

(a) may determine an estimated class C debit not greater than the amount specified in the application; and

(b) must serve notice of any such determination on the company.

160AQDAA(5)   [Determination and notice deemed made]  

If:

(a) a company lodges an application with the Commissioner on a particular day (the application day ); and

(b) at the end of the 21st day after the application day, the Commissioner has neither:

(i) served notice of an estimated class C debit determination on the company; nor

(ii) refused to make an estimated class C debit determination;

the Commissioner is taken, on the 22nd day after the application day, to have:

(c) determined an estimated class C debit in accordance with the application; and

(d) served notice of the determination on the company.

160AQDAA(6)   [Notice served after termination time]  

A notice of an estimated class C debit determination has no effect if it is served after the termination time.