Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

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History

Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

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Ch 2 title inserted by No 73 of 2006 , s 3 and Sch 5 item 40, effective 1 July 2006.

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

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Pt 2-10 applies to the 2000/2001 income year and later income years. If the Commissioner gives an entity an instalment rate before the start of the 2000/2001 income year, s 45-50 applies as if the rate had been given on the first day of that income year.

Division 45 - Instalment payments  

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Subdivision 45-M - How amount of quarterly instalment is worked out on basis of your estimate of your benchmark tax  

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SECTION 45-420   CREDIT IN CERTAIN CASES WHERE AMOUNT OF INSTALMENT IS NIL  

45-420(1)    

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You are entitled to claim a credit if the amount of your instalment for an *instalment quarter (the current quarter ) in an income year is nil because the amount worked out for the current quarter in accordance with section 45-410 or 45-412 (as appropriate) is negative. The amount of the credit is equal to that amount, expressed as a positive amount.

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S 45-420(1) amended by No 73 of 2001.

45-420(2)    
A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.

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

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S 45-420 inserted by No 179 of 1999.

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