INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1B - Collection of tax on companies and trustees of certain funds  

SECTION 221AR   POWER OF RELEVANT ENTITY TO REVISE ESTIMATE IN CERTAIN CIRCUMSTANCES  

221AR(1)   [Notice of revised estimate]  

A relevant entity that had given a notice under paragraph 221AQ(1)(a) in respect of a year of income at the time when the initial payment of tax in respect of its taxable income of that year of income was made may, before the date by which it is required to make a final payment of tax in respect of its taxable income of that year of income, by written notice given to the Commissioner, make a revised estimate of the amount of the income tax that will be payable in respect of its taxable income of that year of income in substitution for the estimate made by it under that paragraph.

221AR(2)   [One revised estimate each year]  

An entity is entitled to make only one revised estimate under subsection (1) in respect of each year of income.

221AR(3)   [Where Commissioner determines income tax payable]  

If the Commissioner has made a determination under section 221AW in respect of the income tax that will be payable by a relevant entity in respect of its taxable income of a year of income, the entity is not entitled to make a revised estimate under subsection (1) of this section of that income tax that would be less than the amount determined by the Commissioner.

221AR(4)   [Where Commissioner increases estimate amount]  

If, by virtue of a determination made by the Commissioner under section 221AX , the amount estimated by a relevant entity under paragraph 221AQ(1)(a) to be the income tax that will be payable in respect of its taxable income of a year of income is increased, the entity is not entitled to make a revised estimate under subsection (1) of this section of that income tax that would be less than the increased amount.

221AR(5)   [Payment by relevant entity]  

If a relevant entity makes a revised estimate under subsection (1) of the income tax that will be payable in respect of its taxable income of a year of income that exceeds the amount of the estimate of that income tax that was made by the entity under paragraph 221AQ(1)(a) , the entity must pay to the Commissioner, when notice of the revised estimate is given to the Commissioner, an amount equal to 85% of the excess.

221AR(6)   [Refund by Commissioner]  

If a relevant entity makes a revised estimate under subsection (1) of the income tax that will be payable in respect of its taxable income of a year of income that is less than the amount of the estimate of that income tax that was made by the entity under paragraph 221AQ(1)(a) , the Commissioner must, as soon as practicable, refund to the entity an amount equal to 85% of the difference.

221AR(7)   [Further payments of tax]  

Nothing in this section prevents a relevant entity that has made an initial payment of tax in respect of its taxable income of a year of income from making a further payment or payments on account of tax in respect of that taxable income at any time or times before the day on which the entity makes a final payment of tax in respect of that taxable income under section 221AZD .