INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 3 - Estimated debits  

SECTION 160AQDA   DETERMINATION OF ESTIMATED CLASS B DEBIT  

160AQDA(1)   [Application by company]  

If a company:

(a) has taken liability reduction action; or

(b) has paid an initial payment of tax under section 221AP ; or

(ba) has paid a company tax instalment;

the company may lodge an application with the Commissioner for:

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

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

160AQDA(2)   [Debit re initial payment of tax]  

An estimated class B debit in relation to an initial payment of tax must relate to the refund of that payment under subsection 221AQ(3) , 221AR(6) or 221AU(4) .

160AQDA(2A)   [Debit re company tax instalment]  

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

160AQDA(3)   [Timing and form 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 B debit applied for.

160AQDA(4)   [Notice of Commissioner's determination]  

The Commissioner:

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

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

160AQDA(5)   [No determination within 21 days]  

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 B debit determination on the company; nor

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

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

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

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

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

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