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TAXATION ADMINISTRATION ACT 1953 - SECT 8AAZL

Amounts covered by this Division

             (1)  This Division sets out how the Commissioner must treat the following kinds of amount:

                     (a)  a payment the Commissioner receives in respect of a current or anticipated tax debt or tax debts of an entity;

                     (b)  a credit (including an excess non-RBA credit) that an entity is entitled to under a taxation law;

                     (c)  an RBA surplus of an entity.

             (2)  The Commissioner must treat each such amount using the method set out in section 8AAZLA or 8AAZLB (but not both).

Note:          In either case, section 8AAZLC has some additional rules that apply to RBA surpluses and to certain excess non-RBA credits.

             (3)  However, the Commissioner does not have to treat an amount using either of those methods if doing so would require the Commissioner to apply the amount against a tax debt:

                     (a)  that is due but not yet payable; or

                     (b)  in respect of which the taxpayer has complied with an arrangement under section 255- 15 to pay the debt by instalments; or

                     (c)  in respect of which the Commissioner has agreed to defer recovery under section 255- 5.

             (4)  Furthermore, the Commissioner does not have to treat an amount using either of those methods if:

                     (a)  doing so would require the Commissioner to apply the amount against a tax debt; and

                     (b)  the tax debt is a penalty that is due and payable under section 269-20 in Schedule 1 (penalties for directors of non-complying companies).



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