Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-M - How amount of quarterly instalment is worked out on basis of your estimate of your benchmark tax  

SECTION 45-420   CREDIT IN CERTAIN CASES WHERE AMOUNT OF INSTALMENT IS NIL  

45-420(1)    

You are entitled to claim a credit if the amount of your instalment for an *instalment quarter (the current quarter ) in an income year is nil because the amount worked out for the current quarter in accordance with section 45-410 or 45-412 (as appropriate) is negative. The amount of the credit is equal to that amount, expressed as a positive amount.

45-420(2)    
A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.

Note:

How the credit is applied is set out in Division 3 of Part IIB .