Section OB 68 — Income Tax Act 2007: Income tax paid satisfying liability for further income tax

OB 68 Income tax paid satisfying liability for further income tax Election (1) On meeting the requirements of subsection (2), an ICA company that is liable for further income tax may choose to satisfy the liability through a payment of income tax. Requirements (2) The company must pay the income tax— (a) after the end of the tax year in which the relevant debit balance arises; and (b) for an income year corresponding to the tax year in which the company is an ICA company. Payment credited (3) The payment of income tax satisfies the company’s liability to pay further income tax. When treated as paid (4) The further income tax is treated as paid on the date on which the Commissioner receives the payment of income tax. Defined in this Act: Commissioner , further income tax , ICA company , income tax , income year , pay , tax year , Compare: 2004 No 35 s ME 9(5A), (8), (9)