Document ID: chunk:federal_register_of_legislation:C2006C00470:clause:1_56
Version: federal_register_of_legislation:C2006C00470
Segment Type: clause
Provision Reference: sch 1 cl 56
Character Range: 41385–42044

56  Subsection 45‑865(1) in Schedule 1
Repeal the subsection, substitute:

 (1) When the Commissioner makes an assessment:
 (a) of the income tax that the *head company of a *consolidated group is liable to pay for a *consolidation transitional year for the head company; or
 (b) that no income tax is payable by the head company for that year;
the head company is, in addition to any credit to which it is entitled under section 45‑30 for that year, entitled to a credit in relation to instalments payable by an entity that is a *subsidiary member of the group at any time during that year.

Taxation (Interest on Overpayments and Early Payments) Act 1983