Section LF 9 — Income Tax Act 2007: When income tax unpaid

LF 9 When income tax unpaid When this section applies (1) This section applies when— (a) a person has a tax credit under section LF 1 and an FDP credit is attached to a dividend; and (b) the dividend is paid by a company that has a debit balance in its FDP account at the end of the tax year; and (c) the company has not paid further income tax by the due date referred to in section OB 65(3) (Further income tax for ICA closing debit balance). Amount of reduction (2) The Commissioner may reduce the person’s credit by an amount equal to their proportion of the unpaid amount under subsection (1)(c). When failure to pay remedied (3) To the extent to which a company remedies the failure after the due date, this section does not apply. Defined in this Act: amount , Commissioner , company , dividend , FDP account , FDP credit , further income tax , pay , tax credit , tax year , Compare: 2004 No 35 ss LB 1(1)(i) , LD 8(4), (5)