INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 4 - Collection of withholding tax  

SECTION 221YS   CREDITS IN RESPECT OF DEDUCTIONS MADE FROM DIVIDENDS, INTEREST OR ROYALTIES  

221YS(1)   [Amount of credit]  

A person whose income includes a dividend, interest or a royalty from which a deduction has been made, or purports to have been made, under section 221YL is entitled to a credit:

(a) where the whole of the deduction has been borne by that person - of an amount equal to the deduction; or

(b) where part only of the deduction has been borne by that person - of an amount equal to that part.

221YS(2)   [Dividend not in money]  

A person whose income includes a dividend or interest in respect of which an amount has been paid to the Commissioner for the purposes of section 221YP is entitled to a credit:

(a) where the whole of that amount has been met by that person - of an amount equal to that amount; or

(b) where part only of that amount has been met by that person - of an amount equal to that part.