INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 78B   PROMOTERS RECOUPMENT TAX  

78B(1)   [Deduction]  

Where a taxpayer who is included in an eligible promoters class in relation to a promoters taxable amount -

(a) has paid to the Commissioner an amount of promoters recoupment tax payable on that promoters taxable amount; or

(b) has paid an amount to another person by way of contribution in respect of promoters recoupment tax payable on that promoters taxable amount,

a deduction is allowable in the assessment of the taxpayer in respect of income of the year of income in which the last purchase time in relation to the scheme to which the promoters taxable amount relates occurred of an amount equal to -

(c) in a case to which paragraph (a) applies - the amount paid by the taxpayer reduced by any amount or amounts received by the taxpayer by way of contribution in respect of promoters recoupment tax payable on that promoters taxable amount; or

(d) in a case to which paragraph (b) applies - the amount paid by the taxpayer.

78B(2)   [Deemed receipt]  

For the purposes of paragraph (1)(c), an amount shall be deemed to have been received by the taxpayer by way of contribution although it is not actually paid over to the taxpayer, but is re-invested, accumulated, capitalized, carried to any reserve, sinking fund or insurance fund, however designated, or otherwise dealt with on behalf of the taxpayer or as the taxpayer directs.

78B(3)   [Request for amended assessment]  

Where, at any time after the making of an assessment in relation to a taxpayer, the taxpayer considers that the Commissioner ought to amend the assessment to allow a deduction under this section, the taxpayer may post to or lodge with the Commissioner a request in writing for an amendment of the assessment to allow the deduction.

78B(4)   [Commissioner's decision]  

The Commissioner shall consider the request and shall serve on the taxpayer, by post or otherwise, a written notice of his decision on the request.

78B(5)   [Taxpayer's objection]  

If the taxpayer is dissatisfied with the Commissioner's decision on the request, the taxpayer may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .

78B(6)    

78B(7)   [Interpretation]  

For the purposes of this section, expressions that are used in this section to which particular meanings were assigned by section 3 of the Taxation (Unpaid Company Tax) Assessment Act 1982 have the respective meanings that were so assigned to them.