Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p14
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 14/21)
Character Range: 93104–95772

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 section 16‑200

 (1) If an entity has paid to the Commissioner:
 (a) an amount under subsection 16‑200(1) in relation to a penalty payable under subsection 226(1A) of the Income Tax Assessment Act 1936 for a *withholding payment; or
 (b) an amount of *general interest charge under subsection 16‑200(4) 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 subsection 16‑200(1) 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 subsection 227(3) of the Income Tax Assessment Act 1936;
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: 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 person 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 persons because of that payment—each of those persons 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 to be withheld under section 12‑320 (mining payment):
 (a) if paragraph (1)(a) applies—the person mentioned in that paragraph is entitled to a credit equal to the penalty amount; or
 (b) if paragraph (1)(b) applies—each of the persons