A New Tax System (Wine Equalisation Tax) Act 1999

Part 4 - Wine tax credits  

Division 17 - Wine tax credits  

17-30   Clawback of CR15 wine tax credit on later recovery of bad debt  

(1)    
A * wine tax credit under * CR15 in relation to an amount written off by you as a bad debt is subject to the condition that you are liable to pay an amount under this section if you later recover some or all of the amount written off.

(2)    
The amount payable by you is calculated using the following formula:

*CR15 wine tax credit

×

Amount recovered Amount written off

(3)    
The amount is to be treated as if it were wine tax that became payable by you at the time of recovery of the bad debt, and, for the purposes of Part 5 , were attributable to the * tax period in which the recovery happened.

Note:

The main effect of treating the amount as if it were wine tax is to apply the collection and recovery rules in Part 3-10 in Schedule 1 to the Taxation Administration Act 1953 .

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History

S 17-30(3) amended by No 73 of 2006, s 3 and Sch 5 item 146, by substituting " Part 3-10 in Schedule 1 to " for " Part VI of " in the note, effective 1 July 2006.

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