FollowupID: 532408 Submitted:
Thursday, Nov 01, 2007 at 16:15
AdlelaideGeorge posted:
David
So.........if I were to post:
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(1) If:
(a) a person who is not a full self assessment taxpayer furnishes a return of income for a year of income; and
(b) an assessment is made of the income tax payable by the person for the year of income; and
(c) the notice of assessment notifies that the Commissioner has credited, applied or refunded (which crediting, applying or refunding is the notice crediting) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of income; and
(d) the sum of the income tax crediting amounts in paragraph (c) exceeds the sum of the following amounts:
(i) income tax payable under the assessment (after allowing any rebate, except a tax offset that is subject to the refundable tax offset rules, or deduction under subsection 100(2) of the Tax Act and before allowing any crediting, applying or other payment);
(iii) an HEC assessment debt or compulsory repayment amount that is notified in the notice of assessment;
(iv) an FS assessment debt that is notified in the notice of assessment;
(v) interest for the year of income payable by the person under section 102AAM of the Tax Act immediately before the notice crediting; and
(e) the notice crediting occurs more than 30 days or more after the day on which the person furnishes the return of income;
interest is payable by the Commissioner to the person on the excess mentioned in paragraph (d), calculated in respect of the period applicable under section 8F at the rate specified in section 8I.
Note: Section 67 25 of the Income Tax Assessment Act 1997 lists the tax offsets that are subject to the refundable tax offset rules.
(2) If:
(a) a person who is not a full self assessment taxpayer furnishes a return of income for a year of income; and
(b) an assessment is made of the income tax payable by the person for the year of income; and
(c) after the notice of assessment is issued to the person, the Commissioner credits, applies or refunds (which crediting, applying or refunding is a post notice crediting) one or more income tax crediting amounts in relation to the income tax payable by the person for the year of income; and
(d) the sum of the income tax crediting amounts in paragraph (c) exceeds the sum of the following amounts:
(i) income tax payable for the year of income by the person immediately before the post notice crediting;
Note: This is the amount payable under the assessment for the year of income as reduced by any rebate, deduction under subsection 100(2) of the Tax Act, crediting, applying or other payment made before the post notice crediting.
(iii) an HEC assessment debt or compulsory repayment amount, worked out by reference to the person’s taxable income of the year of income, payable by the person immediately before the post notice crediting;
(iv) an FS assessment debt, worked out by reference to the person’s taxable income of the year of income, payable by the person immediately before the post notice crediting;
(v) interest for the year of income payable by the person under section 102AAM of the Tax Act immediately before the post notice crediting;
interest is payable by the Commissioner to the person on the excess mentioned in paragraph (d), calculated in respect of the period applicable under section 8F at the rate specified in section 8I.
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and then comment that that makes more sense to me than all the comments I've read on
feedback so far, would that be 'silly
feedback'?
I'm just trying to get a handle on this Megadraw
feedback on
Feedback thingy David - I don't want to be penalised!!!
Happy days
George
