Taxation Laws Amendment Act (No. 3) 1993 (118 of 1993)

Part 13   DEFERRAL OF INITIAL PAYMENTS OF COMPANY TAX FOR 1993-94

Division 2   Deferral of initial payments of tax for 1993-94

168   9-week deferral of initial payments of tax for 1993-94

 

(1) This section applies to a relevant entity if the amount worked out using the following formula is less than $300,000:
            

Initial payment of tax * (100 / 85)

where:

"Initial payment of tax" means the amount that, apart from this Part, is the initial payment of tax payable by the relevant entity in respect of its taxable income of the 1993-94 year of income.

      

(2) Section 221AP of the Assessment Act has, and is taken to have had, effect as if the reference in that section to 28 July next following that year of income were a reference to the 28th day of the 3rd month next following the month in which the last day of that year of income occurs.