TAXATION (UNPAID COMPANY TAX) ASSESSMENT ACT 1982

SECTION 19   REMISSION OF RECOUPMENT TAX  

19    Where:

(a)  a person, with the leave of the Commissioner, makes a payment to the Commissioner of an amount equal to the amount of the vendors recoupment tax that would be payable by the person on the date on which the payment is made if an assessment were made on that date, in relation to an amount (in this section referred to as the ``relevant company tax'' ) of ordinary company tax or undistributed profits tax payable by a company in relation to a year of income, of the vendors recoupment tax payable by the person in relation to the relevant company tax; and

(b)  vendors recoupment tax later becomes payable by the person in relation to the ordinary company tax or undistributed profits tax, as the case may be, payable by the company in relation to the year of income,

so much (if any) of the recoupment tax referred to in paragraph (b) as is attributable to tax that:

(c)  is payable by the company under section 207 of the Assessment Act in relation to the relevant company tax; and

(d)  accrued after the date on which the payment was made to the Commissioner,

is, by force of this section, remitted.