Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p25
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 25/43)
Character Range: 619310–622020

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 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); 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) 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.

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 entity liable to pay *withholding tax under section 301‑175 of the Income Tax Assessment Act 1997 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 entity 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 298‑20 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.

Entitlement to credit: mining payment

18‑45  Credit—mining payment

Credit—amount withheld
 (1) If there is an *amount withheld from a *withholding payment that is covered by section 12‑320 (mining payment):
 (a) if paragraph (b) does not apply—the entity liable to pay *mining withholding tax under section 128V of the Income Tax Assessment Act 1936 on the payment is entitled to a credit of an amount equal to the amount withheld; or
 (b) if, under subsection 128U(4) of that Act, separate mining payments are taken to have been made to, or applied for the benefit of, 2 or more entities because of that payment—each of those entities is entitled to a credit equal to the amount worked out using the formula:

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