Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p13
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 13/21)
Character Range: 90734–93334

the net income as is attributable to the *withholding payments.

part of net income means so much of the net income, or of that part of it, as is attributable to the *withholding payments.

Trust—no net income

 (8) If there is no net income of the trust for the income year, the trustee is entitled to a credit equal to the sum of the *amounts withheld from the *withholding payments.

Entitlement to credits: dividend, interest or royalty

18‑30  Credit: dividend, interest or royalty

 (1) A person is entitled to a credit if:
 (a) the person's *ordinary income or *statutory income includes a *dividend (or a part of it), interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936) or a *royalty; and
 (b) the person has borne all or part of an *amount withheld from the dividend, interest or royalty.

 (2) The amount of the credit is that amount or part.

Note: A taxpayer may also be entitled to a credit in relation to payment of interest under, or in relation to the transfer of, a qualifying security. See section 221YSA of the Income Tax Assessment Act 1936.

18‑35  Credit: penalty under section 16‑30 or 16‑40 or related general interest charge

 (1) If an entity has paid:
 (a) an amount of penalty under section 16‑30 or 16‑40 to the Commissioner for a *withholding payment covered by Subdivision 12‑F; or
 (b) an amount of *general interest charge under section 16‑50 for the penalty;
the person liable to pay the *withholding tax for the withholding payment is entitled to a credit equal to the amount of penalty, or general interest charge, as appropriate.

Remission

 (2) If:
 (a) an entity has paid to the Commissioner an amount of penalty mentioned in paragraph (1)(a); and
 (b) the Commissioner remits the whole or a part of the amount of the penalty under section 16‑45;
then:
 (c) any credit under subsection (1) relating to the amount paid to the Commissioner 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.

18‑40  Credit: liability under section 16‑200

 (1) If an entity has paid to the Commissioner:
 (a) an