Taxation Administration Act 1953

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

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-15 - COLLECTION AND RECOVERY OF TAX-RELATED LIABILITIES AND OTHER AMOUNTS  

Division 268 - Estimates  

Subdivision 268-C - Liability to pay estimates  

SECTION 268-30   ESTIMATE PROVABLE IN BANKRUPTCY OR WINDING UP  

268-30(1)    
Your liability (the estimate liability ) to pay the unpaid amount of the estimate is provable in a bankruptcy or winding up, even if the estimate was made after:

(a) the date of the bankruptcy; or

(b) the relevant date (within the meaning of the Corporations Act 2001 ).

268-30(2)    
However, the estimate liability is provable only to the extent that the underlying liability would be provable if the unpaid amount of the underlying liability were the same as the unpaid amount of the estimate.

Example:

Subsection (2) prevents proof of the estimate liability if the underlying liability could not be proved because, for example, of when it arose.

268-30(3)    
Subsections (1) and (2) do not apply if:

(a) the underlying liability has already been admitted to proof; and

(b) the proof has not been set aside.

268-30(4)    
If the estimate liability has been admitted to proof at a particular amount, the underlying liability is provable only to the extent the unpaid amount of the underlying liability exceeds that particular amount.

268-30(4A)    

In a case covered by paragraph 268-10(1)(c) (estimate of liability in relation to net amount under GST Act), treat the references in paragraph (3)(a) and subsection (4) to the underlying liability as being references to a liability under Division 33 or 35 of the *GST Act for an *assessed net amount in respect of the underlying liability.

268-30(5)    
To the extent that a liability is provable because of this section, it is taken, for the purposes of the Bankruptcy Act 1966 , to be provable in bankruptcy under that Act.