Section 588F — Corporations Act 2001: 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.