Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-E - Annual payers  

When you start and stop being an annual payer

SECTION 45-140   CHOOSING TO PAY ANNUAL INSTALMENTS  

45-140(1)    


You may choose to pay instalments annually instead of quarterly if, at the end of the *starting instalment quarter, you satisfy the following conditions:


(a) you are neither registered, nor *required to be registered, under Part 2-5 of the *GST Act; and


(b) you are not a partner in a partnership that is registered, or required to be registered, under that Part; and


(c) your most recent *notional tax notified by the Commissioner is less than $8,000; and


(d) in the case of a company - the company is not a *participant in a *GST joint venture under Division 51 of that Act; and


(e) in the case of a company - the company is not part of an *instalment group.

Note:

You cannot choose to be an annual payer while you are the head company of a consolidated group to which Subdivision 45-Q applies: see section 45-720 .


45-140(1A)    


You may also choose at a time (subject to subsection (2)) to pay instalments annually instead of quarterly if at that time either:


(a) an *annual tax period election of yours has effect and, if you are a partner in one or more partnerships that are registered under Part 2-5 of the *GST Act, an annual tax period election of each of those partnerships has effect; or


(b) all of the following subparagraphs apply:


(i) you are neither registered, nor *required to be registered, under Part 2-5 of the GST Act;

(ii) you are a partner in one or more partnerships that are registered under that Part;

(iii) an annual tax period election of each of those partnerships has effect;

and at the end of the *starting instalment quarter, you satisfy the following conditions:


(c) you are not a partner in a partnership that is required to be registered under Part 2-5 of the GST Act;


(d) your most recent *notional tax notified by the Commissioner is less than $8,000;


(e) in the case of a company - the company is not a *participant in a *GST joint venture under Division 51 of that Act;


(f) in the case of a company - the company is not part of an *instalment group.

Note:

You cannot choose to be an annual payer while you are the head company of a consolidated group to which Subdivision 45-Q applies: see section 45-720 .


45-140(2)    


You must make the choice under subsection (1) or (1A) by notifying the Commissioner, in the *approved form, on or before the day on which that instalment would otherwise be due.

45-140(3)    


You become an annual payer just before the end of the *starting instalment quarter if:


(a) you satisfy the conditions in subsection (1) or (1A); and


(b) you choose to pay instalment annually.



 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.