Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 205.35

Refund of income tax or diverted profits tax

             (1)  An entity receives a refund of income tax if and only if:

                     (a)  either:

                              (i)  the entity receives an amount as a refund; or

                             (ii)  the Commissioner applies a credit, or an * RBA surplus, against a liability or liabilities of the entity; and

                     (b)  the refund of the amount, or the application of the credit, represents in whole or in part:

                              (i)  a return to the entity of an amount paid or applied to satisfy the entity's liability to pay income tax; or

                             (ii)  the amount remaining after applying a * tax offset that is subject to the refundable tax offset rules because of section 67-30 (about R&D) against the entity's basic income tax liability.

          (1A)  An entity receives a refund of diverted profits tax if and only if:

                     (a)  either:

                              (i)  the entity receives an amount as a refund; or

                             (ii)  the Commissioner applies a credit, or an * RBA surplus, against a liability or liabilities of the entity; and

                     (b)  the refund of the amount, or the application of the credit, represents in whole or in part a return to the entity of an amount paid or applied to satisfy the entity's liability to pay * diverted profits tax.

             (2)  The amount of the refund is so much of the amount refunded or applied as represents the return, or amount remaining, referred to in paragraph (1)(b) or (1A)(b).



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