Income Tax Assessment Act 1997
View history note
Hide history noteAn entity receives a refund of income tax if and only if:
(a) either:
(i) the entity receives an amount as a refund; or
(ii) the Commissioner applies a credit, or an *RBA surplus, against a liability or liabilities of the entity; and
(b) the refund of the amount, or the application of the credit, represents in whole or in part:
(i) a return to the entity of an amount paid or applied to satisfy the entity ' s liability to pay income tax; or
(ii) the amount remaining after applying a *loss carry back tax offset, or a *tax offset that is subject to the refundable tax offset rules because of section 67-30 (about R & D), against the entity ' s basic income tax liability.
205-35(1A)
An entity receives a refund of diverted profits tax if and only if:
(a) either:
(i) the entity receives an amount as a refund; or
(ii) the Commissioner applies a credit, or an *RBA surplus, against a liability or liabilities of the entity; and
(b) the refund of the amount, or the application of the credit, represents in whole or in part a return to the entity of an amount paid or applied to satisfy the entity ' s liability to pay *diverted profits tax.
205-35(2)
The amount of the refund is so much of the amount refunded or applied as represents the return, or amount remaining, referred to in paragraph (1)(b) or (1A)(b).
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.
