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 221YHZDAC   SPECIAL PROVISION COVERING PRE-COMMENCEMENT 1995-96 DEDUCTIONS  

221YHZDAC(1)   [Amount of deduction paid in error]  

If:

(a) an investment body in relation to a Part VA investment has made a deduction after 30 June 1995 but before 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;

then:

(d) if the person applies to the investment body for a refund of the excess amount on the basis of the error, or the investment body becomes aware of the error, before the end of 15 July 1996 - the investment body is liable to pay the excess amount to the person and may recover from the Commissioner, as a debt due to the investment body, so much of the excess amount as it has not recorded as being offset under paragraph 221YHZD(1AB)(c) ; and

(e) if paragraph (d) does not apply - the Commissioner is liable to pay the excess amount to the person.

221YHZDAC(2)   [No entitlement to credit for excess amount]  

If the investment body or the Commissioner is liable to pay the excess amount to the person under subsection (1), the person is not entitled to a credit under section 221YHZK in respect of the excess amount.

221YHZDAC(3)   [Amount recoverable on debt]  

An amount payable under paragraph (1)(d) to a person by an investment body is recoverable by the person as a debt.