Document ID: chunk:federal_register_of_legislation:C2006C00616:clause:2_95
Version: federal_register_of_legislation:C2006C00616
Segment Type: clause
Provision Reference: sch 2 cl 95
Character Range: 59524–60642

95  Subsections 18‑40(1) and (2) in Schedule 1
Repeal the subsections, substitute:

 (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 section 177CA 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 person 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 amount equal to the amount that is remitted.

Note: The heading to section 18‑40 in Schedule 1 is replaced by the heading "Credit: liability under Part 4‑25".