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-D - Reducing and revoking estimates  

SECTION 268-50   HOW ESTIMATE MAY BE REDUCED - AMOUNT PAID OR APPLIED  

268-50(1)    
This section applies if:

(a) an amount is paid or applied towards discharging your liability to pay the amount of the estimate; and

(b) the amount paid or applied exceeds the unpaid amount of the underlying liability as at the time just before the payment or application.

268-50(2)    
The amount of the estimate is reduced so that it does not exceed the unpaid amount, at the time mentioned in paragraph (1)(b), of the underlying liability.