Commonwealth Consolidated Acts

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Certain taxation liabilities taken to be debts

  (1)   For the purposes of this Part, a company's liability under a remittance provision to pay to the Commissioner of Taxation an amount equal to a deduction made by the company, after 1   July 1993, from a payment:

  (a)   is taken to be a debt; and

  (b)   is taken to have been incurred when the deduction was made.

  (2)   In this section:

"remittance provision" means any of the following former provisions of the Income Tax Assessment Act 1936 :

  (aa)   section   220AAE, 220AAM or 220AAR;

  (a)   section   221F (except subsection   221F(12)) or section   221G (except subsection   221G(4A));

  (b)   subsection   221YHDC(2);

  (c)   subsection   221YHZD(1) or (1A);

  (d)   subsection   221YN(1);

or any of the provisions of Subdivision   16 - B in Schedule   1 to the Taxation Administration Act 1953 .

  (3)   This section is not intended to limit the generality of a reference in this Act to a debt or to incurring a debt.

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