INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIAA - FRANKING OF DIVIDENDS  

Division 3 - Estimated debits  

SECTION 160AQD   DETERMINATION OF ESTIMATED CLASS A DEBIT  

160AQD(1)   [Application by company]  

Where a company:

(a) has taken liability reduction action; or

(b) has paid an initial payment of tax under section 221AP ; or

(ba) has paid a company tax instalment;

the company may lodge an application with the Commissioner for:

(c) the determination of an estimated class A debit in relation to the liability reduction action or in relation to the payment of the initial payment of tax or the company tax instalment; or

(d) the determination of such an estimated class A debit in substitution for an earlier determination.

160AQD(1A)   [Debit re initial payment of tax]  

An estimated class A debit in relation to an initial payment of tax must relate to the refund of that payment under subsection 221AQ(3) , 221AR(6) or 221AU(4) .

160AQD(1B)   [Debit re company tax instalment]  

An estimated class A debit in relation to a company tax instalment must relate to the refund of that instalment under section 221AZL or 221AZQ .

160AQD(2)   [Timing and form of application]  

The application:

(a) shall be made before the termination time;

(b) shall be in the approved form; and

(c) shall specify the amount of the estimated class A debit being applied for.

160AQD(3)   [Notice of Commissioner's determination]  

The Commissioner:

(a) may determine an estimated class A debit not greater than the amount specified in the application; and

(b) shall serve notice of any such determination on the company.

160AQD(4)   [No determination by Commissioner within 21 days]  

Where:

(a) a company lodges an application with the Commissioner on a particular day (in this subsection called the ``application day'' ); and

(b) at the end of the twenty-first day after the application day, the Commissioner has neither:

(i) served notice of an estimated class A debit determination on the company; nor

(ii) refused to make an estimated class A debit determination;

the Commissioner shall be deemed, on the twenty-second day after the application day, to have:

(c) determined an estimated class A debit in accordance with the application; and

(d) served notice of the determination on the company.

160AQD(5)   [Notice served after termination time]  

A notice of an estimated class A debit determination has no effect if it is served after the termination time.