Taxation Administration Act 1953

PART IIB - RUNNING BALANCE ACCOUNTS, APPLICATION OF PAYMENTS AND CREDITS, AND RELATED MATTERS  

Division 2 - Running Balance Accounts (or RBAs)  

SECTION 8AAZH   LIABILITY FOR RBA DEFICIT DEBT  

8AAZH(1)   [Liability]  

If there is an RBA deficit debt on an RBA at the end of a day, the tax debtor is liable to pay to the Commonwealth the amount of the debt. The amount is due and payable at the end of that day.

Note:

For provisions about collection and recovery of the amount, see Part 4-15 in Schedule 1 .

8AAZH(2)   [Several tax debtors]  

If there are several tax debtors, their liability for the debt is of the same kind as their liability for the tax debts that were allocated to the RBA.

Example:

If the tax debtors are jointly and severally liable for the tax debts that were allocated to the RBA, they will also be jointly and severally liable for the RBA deficit debt.