Document ID: chunk:federal_register_of_legislation:C2004A00952:clause:1_14
Version: federal_register_of_legislation:C2004A00952
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 7775–9004

14  After section 18‑40 in Schedule 1
Insert:

Entitlement to credit: departing Australia superannuation payment

18‑42  Credit—departing Australia superannuation payment

Credit—amount withheld

 (1) If there is an *amount withheld from a *withholding payment that is covered by section 12‑305 (departing Australia superannuation payment), the person liable to pay *withholding tax under section 27GA of the Income Tax Assessment Act 1936 on the payment is entitled to a credit of an amount equal to the amount withheld.

Credit—penalty amount

 (2) If an entity has paid to the Commissioner a penalty amount under section 16‑30 or 16‑35 in relation to an *amount required to be withheld under section 12‑305 (departing Australia superannuation payment), the person mentioned in subsection (1) is entitled to a credit equal to the penalty amount.

Remission

 (3) If the Commissioner remits the whole or a part of the amount of penalty under section 16‑45 that has been paid to the Commissioner by the entity:
 (a) any credit that relates to the amount is reduced by the amount that is remitted; and
 (b) the Commissioner must pay to the entity an amount equal to the amount that is remitted.

Part 4—Income Tax Act 1986