Income Tax Act 1947 s 92A

s 92A Remission of tax of companies for year of assessment 2011

92A.—(1) Subject to subsection (2), there is to be remitted the tax payable for the year of assessment 2011 by a company an amount equal to the lower of —(a) 20% of the tax payable for that year of assessment (excluding any tax levied and paid or payable pursuant to section 43(3), (3A) and (3B)); and (b) $10,000, where the Comptroller is satisfied that the remission of tax would be beneficial to the company. (2) No remission under subsection (1) may be granted to a company where the company qualifies for the cash grant under section 92B.