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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 588F

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:

is taken to be a debt; and

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

(2) In this section:

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

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

subsection 221YHDC(2);

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

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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