SALES TAX ASSESSMENT ACT 1992 (Repealed)

PART 4 - CREDITS

SECTION 57 (Repealed by 101 of 2006) CLAWBACK OF CR21 CREDIT ON LATER RECOVERY OF BAD DEBT

57(1) [Claimant liable if bad debt recovered]

A credit under CR21 in relation to an amount written off by the claimant as a bad debt is subject to the condition that the claimant is liable to pay an amount under this section if the claimant later recovers some or all of the amount written off.

57(2) [Amount payable]

The amount payable by the claimant is calculated using the following formula:

                          Amount recovered
          CR21 credit  x  -----------------
                          Amount written off

57(3) [Amount treated as tax payable]

The amount is to be treated as if it were tax that became payable by the claimant at the time of recovery of the bad debt, and were due for payment as follows:

(a) if the claimant is a quarterly remitter for the sales tax quarter in which the recovery happened - 21 days after the end of that quarter; or

(b) in any other case - 21 days after the end of the month in which the recovery happened. [The main effect of treating the amount as if it were tax is to apply the collection and recovery rules in Part 5.]

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.