(1) This section applies to refunds payable to an entity of RBA surpluses, or excess non-RBA credits that relate to an RBA, if primary tax debts arising under:
(a) any of the BAS provisions (as defined in subsection 995-1(1) of the Income Tax Assessment Act 1997 ); or
(b) any of the petroleum resource rent tax provisions (as defined in that subsection);
have been allocated to that RBA.
(2) The Commissioner must pay those refunds to the credit of a financial institution account nominated in the approved form by the entity. The account nominated must be maintained at a branch or office of the institution that is in Australia.
(2A) The account must be one held by:
(a) the entity, or the entity and some other entity; or
(b) the entity's registered tax agent or BAS agent; or
(c) a legal practitioner as trustee or executor for the entity.
(3) However, the Commissioner may direct that any such refunds be paid to the entity in a different way.
(4) If an entity has not nominated a financial institution account for the purposes of this section and the Commissioner has not directed that any such refunds be paid in a different way, the Commissioner is not obliged to refund any amount to the entity until the entity does so.
(5) If the Commissioner pays a refund to the credit of an account nominated by an entity, the Commissioner is taken to have paid the refund to the entity.