A New Tax System (Tax Administration) Act (No. 2) 2000 (91 of 2000)

Schedule 2   Consequential and miscellaneous amendments

Part 1   General

Taxation Administration Act 1953

95   Subsections 18-40(1) and (2) in Schedule 1

Repeal the subsections, substitute:

(1) If an entity has paid to the Commissioner:

(a) an amount of penalty under Subdivision 284-C in relation to a *scheme to which section 177CA of the Income Tax Assessment Act 1936 applies for a *withholding payment; or

(b) an amount of *general interest charge under section 298-25 in relation to that amount;

the person liable to pay the *withholding tax for that withholding payment is entitled to a credit equal to the amount paid by the entity.

Remission

(2) If:

(a) an entity has paid an amount under Subdivision 284-C in relation to a penalty mentioned in paragraph (1)(a); and

(b) the Commissioner remits the whole or a part of the amount of the penalty under section 298-20;

then:

(c) any credit under subsection (1) relating to the amount paid by the entity is reduced by the amount that is remitted; and

(d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.

Note: The heading to section 18-40 in Schedule 1 is replaced by the heading " Credit: liability under Part 4-25 ".