18‑45 Credit—mining payment18‑45 Credit—mining payment

#### 18‑45 Credit—mining payment Credit—amount withheld (1) If there is an \*amount withheld from a \*withholding payment that is covered by section 12‑320 (mining payment): (a) if paragraph (b) does not apply—the entity liable to pay \*mining withholding tax under section 128V of the Income Tax Assessment Act 1936 on the payment is entitled to a credit of an amount equal to the amount withheld; or (b) if, under subsection 128U(4) of that Act, separate mining payments are taken to have been made to, or applied for the benefit of, 2 or more entities because of that payment—each of those entities is entitled to a credit equal to the amount worked out using the formula:  Credit—penalty amount (2) If an entity has paid to the Commissioner a penalty amount under section 16‑30 or 16‑35 in relation to an \*amount required to be withheld under section 12‑320 (mining payment): (a) if paragraph (1)(a) applies—the entity mentioned in that paragraph is entitled to a credit equal to the penalty amount; or (b) if paragraph (1)(b) applies—each of the entities mentioned in that paragraph is entitled to a credit of an amount worked out using the formula:  Remission (3) If the Commissioner remits the whole or a part of the amount of penalty under section 298‑20 that has been paid to the Commissioner by the entity: (a) any credit that relates to the amount is reduced by the amount that is remitted; and (b) the Commissioner must pay to the entity an amount equal to the amount that is remitted.