Tax Laws Amendment (2012 Measures No. 3) Act 2012 (58 of 2012)

Schedule 1   Seasonal Labour Mobility Program

Taxation Administration Act 1953

22   After subsection 18-35(1) in Schedule 1

Insert:

(1AA) If an entity has paid:

(a) an amount of penalty under section 16-30 or 16-35 to the Commissioner for a *withholding payment covered by Subdivision 12-FC (Seasonal Labour Mobility Program); or

(b) an amount of *general interest charge under section 298-25 for the penalty;

the entity liable to pay the *Seasonal Labour Mobility Program withholding tax for the withholding payment is entitled to a credit equal to the lesser of:

(c) the amount of the penalty, or general interest charge, as appropriate; and

(d) the amount of Seasonal Labour Mobility Program withholding tax (and any general interest charge under section 840-910 of the Income Tax Assessment Act 1997) in relation to the withholding payment, reduced by:

(i) any credits from an application of section 18-33 in relation to the withholding payment; and

(ii) any credits from a previous application of this subsection in relation to the withholding payment.