Taxation Administration Act 1953
PART IIB - RUNNING BALANCE ACCOUNTS, APPLICATION OF PAYMENTS AND CREDITS, AND RELATED MATTERS
Division 3 - Treatment of payments, credits and RBA surpluses
SECTION 8AAZL AMOUNTS COVERED BY THIS DIVISION
8AAZL(1)
This Division sets out how the Commissioner must treat the following kinds of amount:
(a)
a payment the Commissioner receives in respect of a current or anticipated tax debt or tax debts of an entity;
(b)
a credit (including an excess non-RBA credit) that an entity is entitled to under a taxation law;
(c)
an RBA surplus of an entity.
8AAZL(2)
The Commissioner must treat each such amount using the method set out in section
8AAZLA
or
8AAZLB
(but not both).
Note:
In either case, section 8AAZLC has some additional rules that apply to RBA surpluses and to certain excess non-RBA credits.
8AAZL(3)
However, the Commissioner does not have to treat an amount using either of those methods if doing so would require the Commissioner to apply the amount against a tax debt:
(a)
that is due but not yet payable; or
(b)
in respect of which the taxpayer has complied with an arrangement under section
255-15
to pay the debt by instalments; or
(c)
in respect of which the Commissioner has agreed to defer recovery under section
255-5
.
8AAZL(4)
Furthermore, the Commissioner does not have to treat an amount using either of those methods if:
(a)
doing so would require the Commissioner to apply the amount against a tax debt; and
(b)
the tax debt is a penalty that is due and payable under section
269-20
in Schedule
1
(penalties for directors of non-complying companies).
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