Petroleum Resource Rent Tax Assessment Act 1987

PART VIII - COLLECTION AND RECOVERY OF TAX  

Division 2 - Collection by instalments  

[ CCH Note: No 18 of 2012, s 3 and Sch 1 item 46 contains the following transitional provision:

46 Transitional  
46
Division 2 of Part VIII of the Petroleum Resource Rent Tax Assessment Act 1987 (collection by instalments) does not apply, in respect of the year of tax commencing on 1 July 2012, in relation to an onshore petroleum project or the North West Shelf project.]

SECTION 98D   INSTALMENT TRANSFER INTEREST CHARGE - REMISSION  

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Remitting the charge

98D(1)    
The Commissioner may remit the whole or a part of an amount of instalment transfer interest charge that a liable person is liable to pay if the Commissioner considers it fair and reasonable to do so.

Reasons for not remitting

98D(2)    
The Commissioner must give the liable person a written statement of the reasons for a decision not to remit an amount of instalment transfer interest charge that the liable person is liable to pay, if the liable person requests the Commissioner, in the approved form, to remit the amount.

Note 1:

Section 25D of the Acts Interpretation Act 1901 sets out rules about the contents of a statement of reasons.

Note 2:

Subdivision 388-B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this section.

Objecting against remission decision

98D(3)    
The liable person may object, in the manner set out in Part IVC of the Taxation Administration Act 1953 , against a decision of the Commissioner not to remit an amount of instalment transfer interest charge that the liable person is liable to pay.

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History

S 98D inserted by No 78 of 2006, s 3 and Sch 1 item 10, applicable only in relation to instalment transfers under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006.

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