Section OC 33 — Income Tax Act 2007: Income tax paid satisfying liability for further income tax

OC 33 Income tax paid satisfying liability for further income tax Election (1) On meeting the requirements of subsection (2), an FDPA 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 a tax year in which the company is an FDPA 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 day the Commissioner receives the payment of income tax. Defined in this Act: Commissioner , company , FDPA company , further income tax , income tax , income year , pay , tax year Section OC 33: substituted (with effect on 30 June 2009), on 6 October 2009, by section 416(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).