New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 24   Consolidation: pay as you go (PAYG) instalments

Part 1   Amendment of the Taxation Administration Act 1953

9   At the end of section 45-775 in Schedule 1

Add:

Additional applications of subsection (2)

(4) If, after exercising the power in relation to the membership change under subsection (2) for the first time, and on the basis of an assessment (including an amendment) of the *head company for the income year in which the change occurs, or for an earlier year, the Commissioner has worked out:

(a) another instalment rate under section 45-320 for the company (whether or not the Commissioner has given that rate to the company); or

(b) another amount of *GDP-adjusted notional tax under section 45-405 for the company (whether or not the Commissioner has notified the company an amount of instalment based on that other amount);

the Commissioner may again exercise the power under subsection (2) in relation to the membership change, as if:

(c) the rate mentioned in paragraph (a) were the most recent instalment rate mentioned in paragraph (2)(a); and

(d) the amount of GDP-adjusted notional tax mentioned in paragraph (b) were the amount of GDP-adjusted notional tax worked out for the purposes of the most recent amount of instalment that is mentioned in paragraph (2)(b).

(5) To avoid doubt, in relation to the membership change, the Commissioner:

(a) may exercise the power under subsection (2) by applying subsection (4) more than once; but

(b) must not exercise that power more than once in relation to a particular instalment rate mentioned in paragraph (4)(a) or a particular amount of *GDP-adjusted notional tax mentioned in paragraph (4)(b).