INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3 - Provisional tax  

Subdivision A - General provisions  

SECTION 221YC   AMOUNT OF PROVISIONAL TAX  

221YC(1)   [Determination of provisional tax]  

Subject to this Division, the amount of provisional tax payable by a taxpayer in respect of income of a year of income is the uplifted provisional tax amount of the taxpayer for the year of income.

221YC(1AA)    

221YC(1A)   [Reportable payments, salary, wages and prescribed payments in income]  

Where the assessable income of the taxpayer for the year of income next preceding a year of income consisted, in whole or in part, of reportable payments, salary or wages, or prescribed payments, the provisional tax payable in respect of the income of that last-mentioned year of income is such part of the provisional tax otherwise payable in accordance with subsection (1) as the Commissioner determines.

221YC(1B)-(1D)    

221YC(2)   [Variation of rates of tax]  

Where any of the rates of income tax declared by the Parliament for a financial year are higher or lower than the corresponding rates declared for the immediately preceding financial year, the provisional tax otherwise payable in respect of the income to which those first-mentioned rates are applicable shall, if the regulations so provide, be increased or decreased, as the case may be, to such extent and in such manner as are prescribed.

221YC(2A)-(3)    

221YC(4)   [Previous year's income not taxable]  

Where a taxpayer did not derive, during the year next preceding the year of income, assessable income (other than salary or wages) in excess of $1,040, and that taxpayer has, up to 31 March in the year of income, derived assessable income (other than salary or wages) in excess of $1,040, he shall, not later than 15 April in the year of income, or within such extended time as the Commissioner allows, furnish to the Commissioner a return, in the form provided by the Commissioner for the purpose, showing the amount of assessable income derived by him up to 31 March in the year of income and the amount of assessable income which he estimates will be derived by him during the remainder of the year of income, together with such other information as is specified in the form.

221YC(5)   [Commissioner's estimate]  

The amount of provisional tax payable by a taxpayer to whom subsection (4) applies shall be the amount which the Commissioner estimates, from the return furnished in pursuance of that subsection or from any other information in his possession, will be the income tax payable by the taxpayer in respect of the income (other than salary or wages) of the year of income, less the amount that the Commissioner estimates will be the sum of any amounts deducted under Division 1AA or 3A from reportable payments or from prescribed payments that have been, or will be, made to the taxpayer during the year of income.

221YC(6)   [Amount of tax payable]  

A reference in this section to the amount of provisional tax payable by a taxpayer includes a reference to the amount that, but for subsection 221YBA(5) , would be the provisional tax payable by the taxpayer.