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 221YHZDA   REFUND OF DEDUCTIONS MADE IN ERROR - PRE-16 JULY CASES  

221YHZDA(1)   [Excess amount]  

Where:

(a) an investment body in relation to a Part VA investment has made a deduction after the commencement of Part 1 of Schedule 3 to the Taxation Laws Amendment Act (No. 2) 1995 , 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 (in this section called the ``excess amount'' ) was made in error; and

(d) the person has applied to the investment body for a refund of the excess amount on the basis of the error, or the investment body has 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; and

(e) any information requested by the investment body under subsection (1A) has been given to it, or the time for making such a request (see subsection (1B)) has passed without such a request being made;

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) .

221YHZDA(1A)   [Request for tax file number]  

If, when the person makes the application mentioned in paragraph (1)(d), or when the investment body otherwise becomes aware of the error, the investment body does not have a record of:

(a) the person's tax file number; or

(b) the basis on which the person was taken to have quoted his or her tax file number to the investment body in connection with the person's investment;

the investment body may request the person to give the investment body the tax file number or evidence of the basis on which the person was taken to have quoted the tax file number.

221YHZDA(1B)   [Period for making request]  

The request must be made within 7 working days (of the investment body) after it receives the person's application for the refund or it otherwise becomes aware of the error.

221YHZDA(2)   [No entitlement to sec 221YHZK credit]  

If the investment body 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.

221YHZDA(3)   [Amount recoverable as debt]  

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