INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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
otherwise required initial payment
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.
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