Document ID: chunk:federal_register_of_legislation:C2016C00974:clause:1_67
Version: federal_register_of_legislation:C2016C00974
Segment Type: clause
Provision Reference: sch 1 cl 67
Character Range: 37726–38890

67  Subsection 35‑5(2)
Repeal the subsection, substitute:
 (2) However, if:
 (a) the Commissioner amends the *assessment of your *net amount; and
 (b) your *assessed net amount before the amendment was less than zero; and
 (c) the amount that, because of the assessment, was:
 (i) paid; or
 (ii) applied under the Taxation Administration Act 1953;
  exceeded the amount (including a nil amount) that would have been payable or applicable had your assessed net amount always been the later assessed net amount;
the amount of the excess is to be treated as if:
 (d) the excess were an assessed net amount for the tax period; and
 (e) that assessed net amount were an amount greater than zero and equal to the amount of the excess; and
 (f) despite Division 33, that assessed net amount became payable, and due for payment, by you at the time when the amount was paid or applied.
Note: Treating the excess as if it were an assessed net amount has the effect of applying the collection and recovery rules in Part 3‑10 in Schedule 1 to the Taxation Administration Act 1953, such as a liability to pay the general interest charge under section 105‑80 in that Schedule.