Document ID: chunk:federal_register_of_legislation:C2025C00158:section:15:p2
Version: federal_register_of_legislation:C2025C00158
Segment Type: section
Provision Reference: s 15 (pt 2/2)
Character Range: 38582–39653

equal to $100 to the Commonwealth.
 In a previous transaction the levy payer was liable to pay $140 levy but the collection agent, on behalf of the levy payer, paid $200 to the Commonwealth. The $60 overpayment has not been refunded to the collection agent.
 The Commonwealth may reduce the $100 equivalent amount the collection agent is liable to pay to $40. The Commonwealth is no longer required to refund the $60 overpayment to the collection agent.
 For the levy payer and the $140 levy liability, the liability was fully discharged by $140 under subsection 10(7) (assume the collection agent did not make a deduction under subsection 10(2)).
 For the levy payer and the $100 levy liability, assume the collection agent pays the reduced $40 equivalent amount. That $100 liability is partially discharged by $40 under subsection 10(7) (assume the collection agent made no deduction under subsection 10(2)). The remaining $60 liability is discharged under subsection (7) of this section.

Part 3—Giving returns or notices and making and keeping records under the rules