Income Tax Assessment Act 1997
View history note
Hide history noteThe liability of a TSA contributing member under subsection 721-30(2) (the TSA liability ) is separate and distinct for all purposes from the group liability to which it relates (the linked group liability ). For example, the Commissioner may take proceedings to recover the unpaid amount of the TSA liability, proceedings to recover the unpaid amount of the linked group liability, or both.
Note:
The TSA contributing member will not be jointly and severally liable for the linked group liability under section 721-15 (see subsection 721-15(3) ). However, the head company of the group remains liable for the linked group liability.
Payment or discharge of TSA liability
721-40(2)
If an amount is paid or applied at a particular time towards discharging the TSA liability, the linked group liability is discharged at that time to the extent of the same amount.
Payment or discharge of linked group liability
721-40(3)
If:
(a) an amount is paid or applied at a particular time towards discharging the linked group liability; and
(b) as a result, the amount unpaid on the TSA liability at that time (apart from this section) exceeds the amount unpaid on the linked group liability at that time;
the TSA liability is discharged at that time to the extent of the excess.
721-40(4)
Subsections (2) and (3) operate in relation to a liability under a judgment (the judgment liability ):
(a) if the judgment liability is for the entire amount unpaid on the TSA liability - as if the judgment liability were the TSA liability; and
(b) if the judgment liability is for the entire amount unpaid on the linked group liability - as if the judgment liability were the linked group liability.
721-40(5)
This section does not discharge a liability to a greater extent than the amount of the liability.
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.
