Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_143:p23
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 143 (pt 23/24)
Character Range: 1205887–1208638

Act for an *assessed net amount in respect of the underlying liability.
 (5) Subsection (3) does not discharge a liability to a greater extent than the amount of the liability.

268‑25  Accuracy of estimate irrelevant to liability to pay
  You are liable to pay the unpaid amount of the estimate even if:
 (a) the underlying liability never existed or has been discharged in full; or
 (b) the unpaid amount of the underlying liability is less than the unpaid amount of the estimate.
Note 1: Section 268‑40 revokes the estimate if you give the Commissioner a statutory declaration, or file an affidavit, to the effect that the underlying liability never existed.
Note 2: Subdivision 268‑D provides ways in which you can challenge the estimate or its amount.

268‑30  Estimate provable in bankruptcy or winding up

 (1) Your liability (the estimate liability) to pay the unpaid amount of the estimate is provable in a bankruptcy or winding up, even if the estimate was made after:
 (a) the date of the bankruptcy; or
 (b) the relevant date (within the meaning of the Corporations Act 2001).
 (2) However, the estimate liability is provable only to the extent that the underlying liability would be provable if the unpaid amount of the underlying liability were the same as the unpaid amount of the estimate.
Example: Subsection (2) prevents proof of the estimate liability if the underlying liability could not be proved because, for example, of when it arose.
 (3) Subsections (1) and (2) do not apply if:
 (a) the underlying liability has already been admitted to proof; and
 (b) the proof has not been set aside.
 (4) If the estimate liability has been admitted to proof at a particular amount, the underlying liability is provable only to the extent the unpaid amount of the underlying liability exceeds that particular amount.
 (4A) In a case covered by paragraph 268‑10(1)(c) (estimate of liability in relation to net amount under GST Act), treat the references in paragraph (3)(a) and subsection (4) to the underlying liability as being references to a liability under Division 33 or 35 of the *GST Act for an *assessed net amount in respect of the underlying liability.
 (5) To the extent that a liability is provable because of this section, it is taken, for the purposes of the Bankruptcy Act 1966, to be provable in bankruptcy under that Act.

Subdivision 268‑D—Reducing and revoking estimates

Table of sections
268‑35 How estimate may be reduced or revoked—Commissioner's powers
268‑40 How estimate may be reduced or revoked—statutory declaration or affidavit
268‑45 How estimate may be reduced or revoked—rejection of proof of debt
268‑50 How estimate may be reduced—amount paid or applied
268‑55 When reduction or revocation takes effect