INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1B - Collection of tax on companies and trustees of certain funds  

SECTION 221AK   GENERAL INTERPRETATIVE PROVISIONS  

221AK(1)   [Definitions]  

In this Division, unless the contrary intention appears:

"AD/RLA component"
has the same meaning as in Division 8 of Part III ;

"amount"
, in relation to an estimate by a relevant entity of the income tax that will be payable in respect of its taxable income of a year of income, includes a nil amount;

"company"
includes a trustee of a corporate unit trust and a trustee of a public trading trust but does not otherwise include a company in the capacity of a trustee;

"corporate unit trust"
means a unit trust that is a corporate unit trust within the meaning of Division 6B of Part III ;

"CS/RA component"
:

(a) in relation to the taxable income of a life assurance company - has the same meaning as in Division 8 of Part III ; or

(b) in relation to the taxable income of a registered organization - has the same meaning as in Division 8A of Part III ;

"EIB component"
has the same meaning as in Division 8A of Part III ;

general fund component
has the same meaning as in Division 8 of Part III .

"initial payment of tax"
means a payment of tax that is required by section 221AP to be made by a relevant entity;

"month"
means one of the 12 months of the year;

"NCS component"
:

(a) in relation to the taxable income of a life assurance company - has the same meaning as in Division 8 of Part III ; or

(b) in relation to the taxable income of a registered organization - has the same meaning as in Division 8A of Part III ;

"non-fund component"
(Repealed by No 62 of 1997)

"public trading trust"
means a unit trust that is a public trading trust within the meaning of Division 6C of Part III ;

"relevant entity"
, in relation to a year of income, means:

(a) a company; or

(b) any person in the capacity of a trustee of:

(i) a fund that is an eligible ADF in relation to that year of income; or

(ii) a fund that is an eligible superannuation fund in relation to that year of income; or

(iii) a unit trust that is a pooled superannuation trust in relation to that year of income;

"registered organization"
has the same meaning as in Division 8A of Part III ;

"taxable income"
:

(a) in relation to a relevant entity being the trustee of a corporate unit trust or of a public trading trust, means the net income of the corporate unit trust or of the public trading trust, as the case may be; and

(b) in relation to a relevant entity being the trustee of a fund or unit trust referred to in paragraph (b) of the definition of ``relevant entity'', means the taxable income of the fund or trust, as the case may be;

"year of income to which this Division applies"
means the year of income ending on 30 June 1990 or a subsequent year of income.

221AK(2)   [Expressions used in sec 267]  

Subject to subsection (1), expressions used in this Division that are defined in section 267 have, in this Division, the same meanings as they have in that section.

221AK(3)   [Initial or final payment of tax under Div 1B]  

In sections 206 , 207 , 207A , 208 , 209 , 214 , 254 , 255 , 258 and 259 , but not in any other section, ``income tax'' or ``tax'' includes a payment that a relevant entity is required to make as an initial payment of tax or a final payment of tax under this Division.

221AK(4)   [Additional tax payable under sec 221AY and 221AZE]  

In sections 208 , 209 , 214 , 254 , 255 , 258 and 259 , but not in any other section, ``income tax'' or ``tax'' includes additional tax payable under section 221AY or 221AZE .

221AK(5)   [Ascertainment of notional tax not an assessment]  

The ascertainment of the amount of any notional tax, or the amount of any initial payment of tax, in accordance with this Division is not to be taken to be an assessment within the meaning of any of the provisions of this Act.

221AK(6)   [Amount calculated to nearest dollar]  

The amount of an initial payment of tax is to be calculated to the nearest dollar.