Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p26
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 26/43)
Character Range: 621787–624430

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 to be withheld under section 12‑320 (mining payment):
 (a) if paragraph (1)(a) applies—the entity mentioned in that paragraph is entitled to a credit equal to the penalty amount; or
 (b) if paragraph (1)(b) applies—each of the entities mentioned in that paragraph is entitled to a credit of an amount worked out using the formula:

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: Petroleum resource rent tax

18‑55  Credit—Natural resource payments
 (1) An entity is entitled to a credit in a year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987) if:
 (a) one or more *withholding payments covered by section 12‑325 (natural resource payments) from which there are *amounts withheld in respect of *petroleum resource rent tax are made to the entity during the year of tax; and
 (b) an assessment has been made of the petroleum resource rent tax payable, or an assessment has been made that no petroleum resource rent tax is payable, by the entity for the year of tax.
 (2) The amount of the credit is so much of the total of the *amounts withheld as is withheld in respect of *petroleum resource rent tax.

Entitlement to credit: taxable supply of real property

18‑60  Credit—payment relating to taxable supply of real property
 (1) An entity is entitled to a credit if:
 (a) the entity is liable for *GST on a *taxable supply to which subsection 14‑250(2) applies; and
 (b) another entity made a payment under section 14‑250 in relation to the supply.
 (2) The amount of the credit is an amount equal to the amount of the payment.
 (3) The credit arises when an assessment has been made of the entity's *net amount for the *tax period of the entity in which the payment was made.

Subdivision 18‑B—Refund of certain withheld amounts

Table of sections
18‑65 Refund of withheld amounts by the payer to the recipient
18‑70 Refund of withheld amounts by the Commissioner to the recipient
18‑80 Refund by Commissioner of amount withheld from payment in respect of investment
18‑85 Refund by Commissioner of amount withheld from payment in respect of supply