INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1C - Payment of instalments by companies and certain trustees  

Subdivision D - Estimates of current year's tax  

SECTION 221AZQ   REFUND OF EXCESSIVE INSTALMENT ON DOWNWARDS ESTIMATE  

221AZQ(1)   [Duty of Commissioner]  

If a medium or large taxpayer lodges an estimate after paying an instalment, and the amount paid was more than it would have been if it had been calculated on the basis of the estimate, the Commissioner must refund the difference.

221AZQ(2)   [Treatment of refund]  

The refund is to be treated as reducing the amount of the instalment concerned for all purposes of this Act (other than Part IIIAA ).

221AZQ(3)   [When no refund]  

No refund is payable under this section if the estimate is lodged after the due date for the 3rd instalment.