Tax Laws Amendment (2012 Measures No. 2) Act 2012 (99 of 2012)

Schedule 1   Companies' non-compliance with PAYG withholding and superannuation guarantee obligations

Part 2   Credits

Taxation (Interest on Overpayments and Early Payments) Act 1983

19   At the end of section 3

Add:

Credits under section 18-170 or 18-175 in Schedule 1 to the Taxation Administration Act 1953

(3) To avoid doubt, for the purposes of this Act, a credit of an individual that arises under section 18-170 or 18-175 in Schedule 1 to the Taxation Administration Act 1953 relates to the income tax payable by the individual for the year of income in which the individual becomes entitled to the credit.

Note: Subdivision 18-D in Schedule 1 to the Taxation Administration Act 1953 provides that a director, or an associate of a director, of a company that does not comply with its obligations under Part 2-5 (Pay as you go (PAYG) withholding) must pay Pay as you go withholding non-compliance tax in certain circumstances. Sections 18-170 and 18-175 entitle the director or associate to a credit if the company subsequently complies with its obligations.