Commonwealth Numbered Acts

Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT 59

59. Section 221P of the Principal Act is amended by omitting sub-section (2)
and substituting the following sub-section:

''(2) Notwithstanding anything contained in any other law of the Commonwealth,
or in any law of a State or of the Northern Territory-

   (a)  an amount payable to the Commissioner by a trustee in pursuance of
        this section has priority over all other debts (other than amounts
        payable under sub-section 221YHJ (3)), whether preferential, secured
        or unsecured; and

   (b)  where an amount is payable by a trustee to the Commissioner under
        sub-section 221YHJ (3), an amount payable by the trustee in pursuance
        of this section ranks equally with the amount payable under
        sub-section 221YHJ (3) in priority to all other debts, whether
        preferential, secured or unsecured.''.