Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p1
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/5)
Character Range: 1217142–1219812

3                        the proof is rejected in whole on the ground that the underlying liability never existed    the estimate is revoked.

Note 1: The effect of item 1 of the table is to reduce the unpaid amount of the estimate to nil.
Note 2: The effect of item 2 of the table is to reduce the unpaid amount of the estimate to the amount admitted to proof.

268‑50  How estimate may be reduced—amount paid or applied
 (1) This section applies if:
 (a) an amount is paid or applied towards discharging your liability to pay the amount of the estimate; and
 (b) the amount paid or applied exceeds the unpaid amount of the underlying liability as at the time just before the payment or application.
 (2) The amount of the estimate is reduced so that it does not exceed the unpaid amount, at the time mentioned in paragraph (1)(b), of the underlying liability.

268‑55  When reduction or revocation takes effect

Scope
 (1) This section applies for the purposes of the following:
 (a) Subdivision 268‑C (Liability to pay estimates);
 (b) section 268‑60 (refund of overpayments);
 (c) Subdivision 268‑E (Late payment of estimates);
 (d) Division 269 (Penalties for directors of non‑complying companies).

When reduction or revocation takes effect
 (2) If the amount of the estimate is reduced, the estimate has effect, and is taken always to have had effect, as if the original amount of the estimate had been the reduced amount.
 (3) If the estimate is revoked, the estimate is taken never to have been made.

268‑60  Consequences of reduction or revocation—refund
 (1) This section applies if:
 (a) an amount is paid or applied towards discharging your liability to pay the amount of the estimate; and
 (b) the amount paid or applied exceeds the unpaid amount of the estimate as at the time just before the payment or application.
Example: You pay an amount towards discharging the estimate and the estimate is later reduced to a lesser amount.
Note: Section 268‑50 provides for the reduction of the amount of the estimate in the case of overpayment.
 (2) The Commissioner must pay you the excess.
Note: See Division 3A of Part IIB of this Act for the rules about how the Commissioner must pay you. Division 3 of that Part allows the Commissioner to apply the amount owing as a credit against tax debts that you owe the Commonwealth.

268‑65  Consequences of reduction or revocation—statutory demand changed or set aside

Scope
 (1) This section applies if:
 (a) the estimate is of the unpaid amount of a liability of a company; and
 (b) the Commissioner has served a *statutory demand on the company relating to the company's liability to pay the unpaid amount of the