INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3 - Provisional tax  

Subdivision A - General provisions  

SECTION 221YG   ALTERATION OF NOTICE OF PROVISIONAL TAX  

221YG(1)    
Where an alteration of the amount of provisional tax notified as payable by a taxpayer is, in the opinion of the Commissioner, necessary, by reason of the amendment of any assessment of income tax or otherwise, the Commissioner may make the necessary alteration and shall notify the taxpayer in writing of the altered amount.

221YG(1A)    

221YG(2)   [Further payment or credit]  

Upon the service of a notice under subsection (1):

(a) if the amount of provisional tax payable is increased, the additional amount shall become due and payable on the date specified in the notice, not being less than 30 days after service of the notice; or

(b) if the amount of provisional tax payable is reduced, the taxpayer is entitled to a credit equal to the amount of any provisional tax overpaid.

221YG(3)    

221YG(4)   [Reference to amount of provisional 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.