Section RC 35 — Income Tax Act 2007: Further income tax credited to provisional tax liability

RC 35 Further income tax credited to provisional tax liability When this section applies (1) This section applies for the purposes of sections RC 9 to RC 11 if, under sections OB 65 to OB 69 (which relate to further income tax for ICA companies), a company applies an amount of further income tax to pay an instalment of provisional tax for which the company becomes liable after the date of payment of the further income tax. Amount treated as provisional tax (2) The instalment is satisfied to the extent of the amount of further income tax. The amount is treated as provisional tax paid on the date on which the instalment was payable. Order (3) The Commissioner must credit the amount of the further income tax in payment successively of— (a) the instalment of provisional tax that is first payable after the date of payment of the further income tax; and (b) to the extent of the amount of further income tax, to later instalments in the order in which they are payable. Defined in this Act: amount , Commissioner , company , further income tax , ICA company , pay , provisional tax , Compare: 2004 No 35 s MB 37