INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3B - Collection of tax in respect of certain payments  

Subdivision B - Deductions from certain payments  

SECTION 221YHZDAA   REFUND OF DEDUCTIONS MADE IN ERROR - POST-15 JULY CASES  

221YHZDAA(1)   Application for refund.  

If:

(a) an investment body in relation to a Part VA investment has made a deduction after the commencement of this section, purportedly under subsection 221YHZC(1A) , from income paid, in respect of a particular financial year, to a person in connection with the investment; and

(b) the amount deducted has been paid to the Commissioner; and

(c) the whole or a part of the amount of the deduction (the excess amount ) was made in error; and

(d) the person did not apply to the investment body for a refund of the excess amount on the basis of the error, and the investment body did not otherwise become aware of the error, before the end of 15 July in the financial year after the one in which the deduction was made;

the person may apply in writing to the Commissioner for a refund under this section.

221YHZDAA(2)   Conditions for refund.  

If:

(a) the application states:

(i) if the person has a tax file number - that tax file number; or

(ii) if the person does not have a tax file number and was taken to have quoted a tax file number to the investment body before the deduction was made - the basis on which the person was taken to have quoted the tax file number; and

(b) the Commissioner is satisfied that the person is entitled to make the application under subsection (1); and

(c) the Commissioner considers that:

(i) it is unlikely that the person will become entitled to a credit under section 221YHZK in respect of the excess amount before the end of the financial year after the one in which the deduction was made; or

(ii) the person would suffer hardship if the Commissioner did not refund the excess amount; or

(iii) it would otherwise be fair and reasonable to refund the excess amount;

the Commissioner must refund the excess amount to the person.

221YHZDAA(3)   No credit in respect of refund.  

A person is not entitled to a credit under section 221YHZK in respect of an amount refunded under subsection (2) of this section.