Document ID: chunk:federal_register_of_legislation:C2004C01135:clause:2_1061zzeu
Version: federal_register_of_legislation:C2004C01135
Segment Type: clause
Provision Reference: sch 2 cl 1061ZZEU
Character Range: 138642–139315

1061ZZEU  Accumulated FS debt discharges earlier debts

 (1) An accumulated FS debt that a person is taken to have incurred or incurs on 1 June in a year (the relevant date) discharges, or discharges the unpaid part of:
 (a) an accumulated FS debt that the person incurred on the previous 1 June; and
 (b) an FS debt that the person incurred on the relevant date.

 (2) The accumulated FS debt also discharges the person's liability to pay the amount outstanding immediately before the relevant date.

 (3) However, in applying sections 1061ZZEP to 1061ZZET, subsection (1) of this section is disregarded.

Division 3—Information to be given to Commissioner of Taxation