Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p68
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 168651–171347

tax crediting amounts was applied to provide correlative
relief in respect of the taxing of an amount under a law of a
foreign country; and
  (c) the interest on the excess, to the extent that it is
attributable to the correlative relief amount, exceeds by an
amount (the 'reduction amount') the lesser of:
    (i) the amount of the late payment interest mentioned in
subparagraph (b)(i) of the definition of 'income tax crediting
amount' in subsection 3(1), expressed in Australian currency at
the exchange rate applicable at the time when the taxing of the
amount under the law of the foreign country takes place;
    (ii) the correlative relief amount;
then the interest payable is reduced by the reduction amount.
  "(2) For the purposes of paragraph (1)(c), so much of the
interest payable on the excess mentioned in paragraph (1)(a) as
is worked out using the following formula is taken to be
attributable to the correlative relief amount:
           Correlative relief amount
    ----------------------------------------   x   Excess
    Sum of correlative relief amount and any
       other income tax crediting amounts
Interpretation
  "8K. (1) If the Commissioner is satisfied that no tax is
payable by a person for a year of income, the Commissioner is
taken for the purposes of this Part to have made an assessment
that a nil amount of income tax is payable by the person for
the year of income.
  "(2) If the Commissioner issues a notice to a person that no
tax is payable by the person for a year of income, the
Commissioner is taken for the purposes of this Part to have
issued a notice of assessment to the person that a nil amount
of income tax is payable by the person for the year of income.
  "(3) If the crediting, applying or refunding of an income tax
crediting amount takes place at different times, the whole of
the income tax crediting amount is taken for the purposes of
this Part to have been credited, applied or refunded at the
earlier or earliest of those times.
  "(4) Subsections 221AZF(2) and 221AZM(3) of the Tax Act are
to be disregarded for the purposes of this Part.".
  12. Heading to Part III:
Omit the heading, substitute:
  "PART III - INTEREST ON OVERPAYMENTS RESULTING FROM DECISIONS
                  TO WHICH THIS ACT APPLIES".
  13. After subsection 9(1):
Insert:
  "(1A) If:
  (a) apart from this subsection, subsection (1) would apply to
an overpayment; and
  (b) the decision to which this Act applies mentioned in that
subsection was made wholly or partly to provide correlative
relief in respect of the taxing of an amount under a law of a
foreign country; and
  (c) either:
    (i) the law of the foreign country did not require the
payment of