INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1B - Collection of tax on companies and trustees of certain funds  

SECTION 221AZF   CREDITING OF PAYMENTS  

221AZF(1)   [Manner of crediting payments]  

Where an amount is paid by a taxpayer under this Division in respect of the taxpayer's taxable income of a year of income, the Commissioner is to credit the amount in payment successively of:

(a) income tax payable in respect of that taxable income; and

(b) tax payable in accordance with section 160AQJ ; and

(c) any other liability of the taxpayer to the Commonwealth under or by virtue of an Act of which the Commissioner has the general administration;

and must refund to the taxpayer so much of the amount as is not so credited.

221AZF(2)   [Deemed credited on assessment]  

An amount that is to be credited by the Commissioner under subsection (1) is to be taken to be credited on the day on which an assessment is deemed by section 166A to have been made in respect of the taxpayer's income of the year of income in respect of which the amount was paid to the Commissioner.