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-P - Anti-avoidance rules  

SECTION 45-625   CREDIT IF YOU ALSO GOT A TAX DETRIMENT FROM THE SCHEME  

45-625(1)    
You are entitled to a credit if:

(a) you are liable to pay *general interest charge under section 45-620 because you got one or more *tax benefits from the *scheme; and

(b) the Commissioner is satisfied that:

(i) you got a *tax detriment from the scheme; and

(ii) the tax detriment relates to a *component of your *tax position for an income year, and that component is covered by section 45-610 .

(It does not matter whether that income year is the same as the one referred to in section 45-600 .)

Note:

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

45-625(2)    
The credit is equal to the *general interest charge on twice the amount of the *tax detriment for each day in the period that:

(a) started at the beginning of the day by which your instalment for the period mentioned in the item of the table in section 45-610 that applies for the purposes of working out the amount of the tax detriment:

(i) was due to be paid; or

(ii) would have been due to be paid if you had been liable to pay an instalment for that period; and

(b) finishes at the end of the day on which your assessed tax for the income year is due to be paid.

45-625(3)    
However, the credit cannot exceed the total *general interest charge you are liable to pay under section 45-620 because you got one or more *tax benefits from the *scheme.

Credit for each of 2 or more tax detriments

45-625(4)    
If you get 2 or more *tax detriments from the scheme, subsections (1) and (2) have a separate application to each of them. However, the total of the credits cannot exceed the total *general interest charge referred to in subsection (3).