INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1AA - Reportable payments system (RPS)  

Subdivision L - Tax credits for deductions from reportable payments  

SECTION 220AZC   APPLICATION OF CREDITS  

220AZC(1)   Credit is a debt owing by the Commonwealth.  

The amount of the credit to which a person is entitled under this Division is a debt due and payable to that person by the Commissioner on behalf of the Commonwealth.

220AZC(2) - (5)    

220AZC(6)   Deemed payment of tax.  

If, under Division 3 of Part IIB of the Taxation Administration Act 1953 , the Commissioner has applied an amount of a credit in payment of an amount of tax payable by a person, the person is taken to have paid the amount so applied in payment of the tax as at:

(a) the time at which it was so applied; or

(b) such earlier time as the Commissioner determines.

220AZC(7)   Recovery of excess credits.  

If the amount, or the sum of the amounts, applied or paid by the Commissioner as a credit to which a person is entitled under this Division exceeds the amount of the credit to which the person is so entitled, the Commissioner may recover the amount of the excess as if it were income tax due and payable by the person.

220AZC(8)    

220AZC(9)