INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 6 - Deductions from certain withdrawals from Australian Film Industry Trust Fund accounts  

SECTION 221ZS   ENTITLEMENT TO CREDITS IN RESPECT OF DEDUCTIONS  

221ZS(1)   [Amount of credit]  

Where:

(a) a deduction is made under subsection 221ZN(1) from a refund made to a person; or

(b) an amount is paid to the Commissioner under subsection 221ZO(1) in relation to an amount that was required to be deducted from an amount refunded to a person,

the person is entitled to a credit of an amount equal to the deduction or the amount paid to the Commissioner, as the case may be.

221ZS(2)   [Contribution amount included in withdrawn amount]  

Where, in a case to which subsection (1) does not apply:

(a) a deduction is made under subsection 221ZN(1) from an amount (in this subsection referred to as the ``withdrawn amount'' ) withdrawn from a film account or an amount is paid to the Commissioner under subsection 221ZO(1) in relation to an amount that was required to be deducted from an amount (in this subsection also referred to as the ``withdrawn amount'' ) withdrawn from a film account; and

(b) the Commissioner has determined under section 124ZAH that an amount (in this subsection referred to as the ``contribution amount'' ) of moneys expended by a person is to be taken to be included in the withdrawn amount,

the person is entitled to a credit of an amount equal to so much of the deduction or of the amount paid to the Commissioner, as the case may be, as bears to the amount of the deduction or the amount paid to the Commissioner, as the case may be, the same proportion as the contribution amount bears to the withdrawn amount.