Insolvency (Tax Priorities) Legislation Amendment Act 1993 (32 of 1993)

Part 4   AMENDMENTS OF THE CORPORATIONS LAW

25   After section 588E of the Corporations Law the following section is inserted in Division 1 of Part 5.7B

Certain taxation liabilities taken to be debts

"588F. (1) For the purposes of this Part, a company's liability under a remittance provision to pay to the Commissioner of Taxation an amount equal to a deduction made by the company, after the commencement of this section, from a payment:

(a) is taken to be a debt; and

(b) is taken to have been incurred when the deduction was made.

"(2) In this section:

'remittance provision' means any of the following provisions of the Income Tax Assessment Act 1936:

(a) section 221F (except subsection 221F (12)) or section 221G (except subsection 221G (4A));

(b) subsection 221YHDC (2);

(c) subsection 221YHZD (1) or (1A);

(d) subsection 221YN (1).

"(3) This section is not intended to limit the generality of a reference in this Law to a debt or to incurring a debt.".