Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 293.240

Entitlement to refund stops all Division 293 tax liabilities

             (1)  The Commissioner may decide to release you from any existing or future liability to pay * Division 293 tax or * debt account discharge liability if:

                     (a)  you become entitled to a refund under section 293- 230; or

                     (b)  you would become entitled to such a refund, if you were to pay the liability and paragraph 293-230(c) were disregarded.

             (2)  The Commissioner may take such action as is necessary to give effect to a decision under subsection (1).

Table of Subdivisions

             Guide to Division 294

294-A   Object of this Division

294-B    Transfer balance account

294-C    Transfer balance debits

294-D   Modifications for certain defined benefit income streams

294-E    Modifications for death benefits dependants who are children

294-F    Excess transfer balance tax

Guide to Division 294



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