Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p24
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 24/43)
Character Range: 616926–619533

entity has paid:
 (a) an amount of penalty under section 12‑415 to the Commissioner for a failure to give a notice, or to make details available on a website, as required by section 12‑395; or
 (b) an amount of *general interest charge under section 298‑25 for the penalty;
the entity liable to pay the *managed investment trust withholding tax in relation to the amount (the relevant amount) giving rise to the penalty is entitled to a credit equal to the lesser of:
 (d) the amount of penalty, or general interest charge, as appropriate; and
 (e) the amount of managed investment trust withholding tax (and any general interest charge under section 840‑810 of the Income Tax Assessment Act 1997) in relation to the relevant amount.

Remission
 (2) If:
 (a) an entity has paid to the Commissioner an amount of penalty mentioned in paragraph (1)(a), (1AA)(a) or (1A)(a); and
 (b) the Commissioner remits the whole or a part of the amount of the penalty under section 298‑20;
then:
 (c) any credit under subsection (1), (1AA) or (1A) relating to the amount paid to the Commissioner is reduced by the amount that is remitted; and
 (d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.
 (3) If:
 (a) an entity has paid to the Commissioner an amount of *general interest charge mentioned in paragraph (1)(b), (1AA)(b) or (1A)(b); and
 (b) the Commissioner remits the whole or a part of the amount of the charge under section 8AAG;
then:
 (c) any credit under subsection (1), (1AA) or (1A) relating to the amount is reduced by the amount that is remitted; and
 (d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.

18‑40  Credit: liability under Part 4‑25
 (1) If an entity has paid to the Commissioner:
 (a) an amount of penalty under Subdivision 284‑C in relation to a *scheme to which paragraph 177C(1)(bc) of the Income Tax Assessment Act 1936 applies for a *withholding payment; or
 (b) an amount of *general interest charge under section 298‑25 in relation to that amount;
the entity liable to pay the *withholding tax for that withholding payment is entitled to a credit equal to the amount paid by the entity.

Remission
 (2) If:
 (a) an entity has paid an amount under Subdivision 284‑C in relation to a penalty mentioned in paragraph (1)(a); and
 (b) the Commissioner remits the whole or a part of the amount of the penalty under section 298‑20;
then:
 (c) any credit under subsection (1) relating to the amount paid by the entity is reduced by the amount that is remitted; and
 (d) the Commissioner must pay to the entity an