INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Where the amount ascertained in relation to a relevant entity in respect of a year of income to which this Division applies in accordance with the formula
otherwise required initial payment
is not less than the amount applicable under paragraph 221AT(1)(a) or (b), as the case may be, but is less than:
(a) in the case of the year of income ending on 30 June 1990 - $400,000; or
(b) in the case of a subsequent year of income - $20,000;
then, unless the Commissioner otherwise determines in relation to the entity or a specified class of entities in which the entity is included, the entity may, by written notice given to the Commissioner, elect that this section is to apply to the entity in respect of that year of income.221AU(2) [Requirements where entity elects]
Where an election is made by an entity under subsection (1) in respect of a year of income (in this subsection called the ``relevant year of income'' ):
(a) the entity is not required to make an initial payment of tax in respect of its taxable income of the relevant year of income; and
(b) for the purposes of the application of this Division to the entity in respect of the relevant year of income, the reference in section 221AZD to 15 March next following a year of income is, except in the case of an entity to which section 221AN applies, to be taken to be a reference to 15 December next following the relevant year of income. 221AU(3) [Election irrevocable]
An election under subsection (1) is irrevocable.221AU(4) [Refunds]
If a relevant entity makes an election under subsection (1) at a time after the relevant entity made an initial payment of tax in respect of its taxable income of the year of income to which the election relates, the Commissioner must, as soon as practicable, refund to the entity the amount paid.221AU(5) [``otherwise required initial payment'']
In this section:
"otherwise required initial payment"
, in relation to a relevant entity in respect of a year of income, means the amount that, but for this section, would be payable by the entity (whether as a result of the giving of a notice under paragraph 221AQ(1)(a) or otherwise) as an initial payment of tax in respect of its taxable income of that year of income.
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