115‑20 Credit for instalments payable115‑20 Credit for instalments payable

115‑20 Credit for instalments payable

(1) You are entitled to a credit when the Commissioner makes an assessment of the amount (including a nil amount) of *MRRT you are liable to pay. (2) The amount of the credit is: (a) the total of each instalment payable by you for the *MRRT year (even if you have not yet paid it); less (b) the total of each credit that you have claimed under section 115‑60 or 115‑100. (3) The making of the assessment, and the resulting credit entitlement, do not affect the liability to pay an instalment.

Note: How the credit is applied is set out in Division 3 of Part IIB.