Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (TAX FILE NUMBERS) ACT 1988 No. 97 of 1988 - SECT 17

17. After section 221YHZD of the Principal Act the following sections are
inserted: Refund of deductions in certain cases

"221YHZDA. (1) Where:

   (a)  an investment body in relation to a Part VA investment has made a
        deduction, purportedly under this Division, from income paid, in
        respect of a particular financial year, to a person in connection with
        the investment;

   (b)  the amount deducted has been paid to the Commissioner; and

   (c)  the whole or a part of the amount of the deduction (in this section
        called the 'excess amount') was made in error; the investment body is
        liable to pay the excess amount to the person and may recover the
        excess amount from the Commissioner as a debt due to the investment
        body.

"(2) A person is not entitled to a credit under section 221YHZK in respect of
the excess amount.

"(3) An amount payable under subsection (1) to a person by an investment body
is recoverable by the person as a debt. Commissioner may refund amounts in
certain cases

"221YHZDB. (1) Where, on an application in writing by a person, the
Commissioner is satisfied that:

   (a)  an investment body made a deduction under subsection 221YHZC (1A) from
        a payment of income to the applicant in respect of a Part VA
        investment;

   (b)  though the applicant would have been entitled to give the investment
        body a declaration under Division 5 of Part VA in relation to the
        investment, no such declaration was given; and

   (c)  having regard to:

        (i)    the purposes of this Division; and

        (ii)   such other matters (if any) as the Commissioner thinks
               appropriate;
it would be fair and reasonable to refund the whole or a part of the amount
deducted; the Commissioner shall refund the whole or a part of that amount to
the applicant.

"(2) A person is not entitled to a credit under section 221YHZK in respect of
an amount refunded under subsection (1) of this section.".