Trust Recoupment Tax Assessment Act 1985
(a) trust recoupment tax is or was payable on a secondary taxable amount and trust recoupment tax is payable on the primary taxable amount by reference to trust recoupment tax on which the secondary taxable amount was ascertained; and
(b) an amount of trust recoupment tax on that primary taxable amount is paid;
there shall be deemed to be applied, or to have been applied, in reduction of the trust recoupment tax that is or was payable on the secondary taxable amount, an amount equal to the amount paid as mentioned in paragraph (b).
9(2) [Reduction of primary taxable amount](a) trust recoupment tax is or was payable on a primary taxable amount and trust recoupment tax is payable on a secondary taxable amount ascertained by reference to trust recoupment tax on the primary taxable amount; and
(b) an amount of trust recoupment tax on the secondary taxable amount is paid;
an amount equal to the amount paid as mentioned in paragraph (b) shall be deemed to be applied, or to have been applied, in reduction of the trust recoupment tax that is or was payable on the primary taxable amount.
9(3) [Application of amount paid in reduction of tax]Where under this section an amount is deemed to be applied, or to have been applied, in reduction of the trust recoupment tax that is or was payable on a taxable amount, being trust recoupment tax that includes or included late payment tax, the amount shall, to the extent to which it does not exceed the amount of that late payment tax, be deemed to be applied, or to have been applied, in reduction of that late payment tax and the balance (if any) shall be deemed to be applied, or to have been applied, in reduction of the remaining trust recoupment tax.
9(4) [``trust recoupment tax'']In this section, ``trust recoupment tax'' includes late payment tax and penalty tax.
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.
