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 221AZC   MODIFICATION OF NOTIONAL TAX FOR CERTAIN ENTITIES WITH SUBSTITUTED EARLY ACCOUNTING PERIODS  

221AZC(1)   [Complying ADF, superannuation fund, pooled superannuation trust]  

If a taxpayer that is a relevant entity in relation to the year of income ending on 30 June 1990 by virtue of being the trustee of:

(a) a fund that is a complying ADF in relation to that year of income; or

(b) a fund that is a complying superannuation fund in relation to that year of income; or

(c) a unit trust that is a pooled superannuation trust in relation to that year of income;

has adopted, or adopts, under this Act, in lieu of that year of income, an accounting period ending before 1 June 1990, section 221AZB has effect in relation to the entity in respect of that year of income as if there were substituted for the amount ascertained in accordance with subsections (2) and (3) of that section the amount calculated in accordance with the following formula:

Ascertained amount × 12 12 − Complete months

where:

`` Ascertained amount '' means the amount ascertained in accordance with subsections 221AZB(2) and (3) in relation to the entity in respect of that year of income;

`` Complete months '' means the number of complete months occurring after the end of the accounting period and before 1 July 1990.

221AZC(2)   [Life assurance company or registered organisation]  

If a relevant entity that is a life assurance company or a registered organisation has adopted, or adopts, under this Act, in lieu of the year of income ending on 30 June 1990, an accounting period ending before 1 June 1990, section 221AZB has effect in relation to the entity in respect of that year of income as if there were substituted for the amount ascertained in accordance with subsections (2) and (3) of that section the amount calculated in accordance with the following formula:

(Ascertained amount − CS/RA Tax)

+

CS/RA Tax × 12               12 −   Complete months

where:

`` Ascertained amount '' means the amount ascertained in accordance with subsections 221AZB(2) and (3) in relation to the entity in respect of that year of income;

`` CS/RA tax '' means so much of the Ascertained amount as relates to the CS/RA component of the entity's taxable income of that year of income;

`` Complete months '' means the number of complete months occurring after the end of the accounting period and before 1 July 1990.