Commonwealth Consolidated Acts

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How refunds are made

             (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.

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