Taxation Administration Act 1953
View history note
Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxNote: A Commissioner ' s Remedial Power (CRP 2017/1) is relevant to this part of the tax law. Taxation Administration (Remedial Power - Foreign Resident Capital Gains Withholding) Determination 2017 (F2017L00992) modifies the operation of s 18-15 , 18-20 and 18-25 in Sch 1 to the Taxation Administration Act 1953 as follows:
To the extent that an entity ' s entitlement to a credit referred to in s 18-15 , 18-20 or 18-25 in Sch 1 to TAA is in respect of an amount paid to the Commissioner under Subdiv 14-D of Sch 1 to TAA, treat the entitlement as arising in the income year in which the transaction causing that application of Subdiv 14-D is recognised for income tax purposes for the entity. The modification applies in respect of transactions entered into on or after 1 July 2016.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 of Sch 1 to TAA to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
SECTION 18-175 CREDITS FOR LATER COMPLIANCE - COMMISSIONER MAY GIVE NOTICE
Commissioner may give notice to director or associate
18-175(1)
The Commissioner may give a written notice to the individual on a particular day (the credit notice day ).
Note:
Subsection 18-180(2) provides that the Commissioner must not give a notice to the individual in certain circumstances.
Director or associate entitled to credit if Commissioner gives notice
18-175(2)
The individual is entitled to a credit if the Commissioner gives a written notice to the individual under subsection (1).
18-175(3)
The individual becomes entitled to the credit on the day the Commissioner gives the notice to the individual.
Amount of credit
18-175(4)
The amount of the credit is the amount stated in the notice.
18-175(5)
The amount stated:
(a) must not exceed the amount of the * PAYG withholding non-compliance tax; and
Note:
In working out the amount of the tax for the purposes of paragraph (5)(a), have regard to other credits to which the individual is entitled under section 18-170 or this section. See subsection 18-180(1) .
(b) must not exceed the amount of the discharge mentioned in paragraph 18-165(c) .
Commissioner ' s discretion
18-175(6)
In determining:
(a) whether to give a notice under this section; or
(b) the amount to state in the notice;
the Commissioner must have regard to what is fair and reasonable in the circumstances.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
