Commonwealth Consolidated Acts

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Certain taxation liabilities taken to be debts

             (1)  For the purposes of this Part, a company's liability under a remittance provision to pay to the Commissioner of Taxation an amount equal to a deduction made by the company, after 1 July 1993, from a payment:

                     (a)  is taken to be a debt; and

                     (b)  is taken to have been incurred when the deduction was made.

             (2)  In this section:

"remittance provision " means any of the following former provisions of the Income Tax Assessment Act 1936 :

                    (aa)  section 220AAE, 220AAM or 220AAR;

                     (a)  section 221F (except subsection 221F(12)) or section 221G (except subsection 221G(4A));

                     (b)  subsection 221YHDC(2);

                     (c)  subsection 221YHZD(1) or (1A);

                     (d)  subsection 221YN(1);

or any of the provisions of Subdivision 16-B in Schedule 1 to the Taxation Administration Act 1953 .

             (3)  This section is not intended to limit the generality of a reference in this Act to a debt or to incurring a debt.

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