Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1992No. 80, 1992 - SECT 80

80.(1) If, under the IP offset provision, no initial payment of tax is payable
by a relevant entity, section 221AZF of the Assessment Act has, and is taken
to have had, effect as if that initial payment of tax had been paid by the
relevant entity on the day on which its paragraph 221AQ(1)(a) notice for the
1991-92 year of income was given to the Commissioner.

(2) If:

   (a)  an initial payment of tax payable by a relevant entity is reduced
        under the IP offset provision; and

   (b)  the relevant entity pays that reduced initial payment of tax; section
        221AZF of the Assessment Act has, and is taken to have had, effect as
        if the amount of that payment had been increased by the amount of the
        reduction.