THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY

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History

Pt 5.7B inserted by No 210 of 1992, s 111 (effective 23 June 1993).

CCH Note: See s 1383(7).

Division 1 - Preliminary

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History

Heading inserted by No 210 of 1992, s 111 (effective 23 June 1993).

CCH Note: See s 1383(7).

SECTION 588F   CERTAIN TAXATION LIABILITIES TAKEN TO BE DEBTS  

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588F(1)  [Tax remittance liabilities are debts]  

For the purposes of this Part, a company's liability under a remittance provision to pay to the Commissioner of Taxation an amount equal to a deduction made by the company, after the commencement of this section, from a payment:

(a)  is taken to be a debt; and

(b)  is taken to have been incurred when the deduction was made.

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S 588F(1) inserted by No 32 of 1993, s 25 (effective 1 July 1993).

588F(2)  [``remittance provision'']  

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In this section:

``remittance provision'' means any of the following provisions of the Income Tax Assessment Act 1936:

(a)  section 221F (except subsection 221F(12)) or section 221G (except subsection 221G(4A));

(b)  subsection 221YHDC(2);

(c)  subsection 221YHZD(1) or (1A);

(d)  subsection 221YN(1);

or any of the provisions of Subdivision 16-B in Schedule 1 to the Taxation Administration Act 1953.

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History

S 588F(2) amended by No 91 of 2000, Sch 4(3) (effective 1 July 2000).

S 588F(2) inserted by No 32 of 1993, s 25 (effective 1 July 1993).

588F(3)  [Generality not limited by this section]  

This section is not intended to limit the generality of a reference in this Law to a debt or to incurring a debt.

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History

S 588F(3) inserted by No 32 of 1993, s 25 (effective 1 July 1993).

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