RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY
SECTION 588FCERTAIN TAXATION LIABILITIES TAKEN TO BE DEBTS
Tax remittance liabilities are debts]
For the purposes of this Part, a company's liability under a remittance provision to pay to the Commissioner of Taxation an amount equal to a deduction made by the company, after 1 July 1993, from a payment:
(a) is taken to be a debt; and
(b) is taken to have been incurred when the deduction was made.