18‑40 Credit: liability under Part 4‑2518‑40 Credit: liability under Part 4‑25

18‑40 Credit: liability under Part 4‑25

(1) If an entity has paid to the Commissioner: (a) an amount of penalty under Subdivision 284‑C in relation to a *scheme to which paragraph 177C(1)(bc) of the Income Tax Assessment Act 1936 applies for a *withholding payment; or (b) an amount of *general interest charge under section 298‑25 in relation to that amount; the entity liable to pay the *withholding tax for that withholding payment is entitled to a credit equal to the amount paid by the entity. Remission (2) If: (a) an entity has paid an amount under Subdivision 284‑C in relation to a penalty mentioned in paragraph (1)(a); and (b) the Commissioner remits the whole or a part of the amount of the penalty under section 298‑20; then: (c) any credit under subsection (1) relating to the amount paid by the entity is reduced by the amount that is remitted; and (d) the Commissioner must pay to the entity an amount equal to the amount that is remitted. (3) If: (a) an entity has paid to the Commissioner an amount of *general interest charge mentioned in paragraph (1)(b); and (b) the Commissioner remits the whole or a part of the amount of the charge under section 8AAG; then: (c) any credit under subsection (1) relating to the amount is reduced by the amount that is remitted; and (d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.