INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1C - Payment of instalments by companies and certain trustees  

Subdivision B - General rules for payment of instalments  

SECTION 221AZKB   FOR 1999-2000, SOME MEDIUM AND SMALL TAXPAYERS NEED NOT PAY INSTALMENT DUE IN MONTH 18  

221AZKB(1)   [Medium taxpayer]  

For the 1999-2000 year of income, a medium taxpayer is not liable to pay the instalment that would otherwise be due on the 1st day of month 18.

221AZKB(2)   [Small taxpayer]  

For the 1999-2000 year of income, a small taxpayer is not liable to pay the instalment that would otherwise be due on the 15th day of month 18.

Note:

This subsection does not cover a small taxpayer whose assessed tax for the 1999-2000 is more than $300,000. See subsection 221AZK(3A) .

221AZKB(3)   To qualify, taxpayer must be quarterly instalment payer.  

However, subsection (1) or (2) applies only if the taxpayer is liable to pay an instalment for the first instalment quarter of the 2000-01 year of income under Division 45 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount of that instalment is nil).

Note:

This means that an entity that becomes an annual payer at the end of that instalment quarter under Subdivision 45-E in Schedule 1 to the Taxation Administration Act 1953 does not qualify.

221AZKB(4)   Effect on amount of final instalment.  

In working out the amount of the final instalment of a small or medium taxpayer for the 1999-2000 year of income, disregard a previous instalment that the taxpayer is not liable to pay because of this section.