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 221AT   CIRCUMSTANCES IN WHICH INITIAL PAYMENT NOT REQUIRED  

221AT(1)   [Formula]  

Where the amount ascertained in relation to a relevant entity in respect of a year of income to which this Division applies in accordance with the formula

100 × otherwise required initial payment 85

is less than:

(a) except where paragraph (b) applies - $1,000; or

(b) if the Commissioner has determined another amount under subsection (2) in relation to that year of income - that other amount;

then, unless the Commissioner otherwise determines in relation to the entity or a specified class of entities in which the entity is included, the entity is not required to make an initial payment of tax in respect of that year of income.

221AT(2)   [Commissioner may determine minimum amount]  

For the purposes of this section, the Commissioner may, by notice published in the Gazette , determine an amount other than $1,000 to be the minimum amount in relation to initial payments of tax payable by relevant entities in respect of taxable income of a specified year of income and each subsequent year of income.

221AT(3)   [``otherwise required initial payment'']  

In this section:

"otherwise required initial payment"
, in relation to a relevant entity in respect of a year of income, means the amount that, but for this section, would be payable by the entity (whether as a result of the giving of a notice under paragraph 221AQ(1)(a) or otherwise) as an initial payment of tax in respect of its taxable income of that year of income.