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 221AZD   221AZD   FINAL TAX LIABILITY  
Subject to sections 221AN and 221AU , a relevant entity must:


(a) in the return furnished by the entity in relation to a year of income to which this Division applies (in this section called the ``relevant year of income'' ) specify its taxable income of the relevant year of income and the amount of income tax (if any) payable by it in respect of that taxable income; and


(b) unless no amount of income tax is payable or the amount of income tax specified under paragraph (a) does not exceed the initial payment of tax made by the entity in respect of its taxable income of the relevant year of income - not later than 15 March next following the relevant year of income make a final payment of tax in respect of that taxable income of an amount equal to:


(i) subject to subparagraph (ii), the amount by which the amount of income tax specified under paragraph (a) exceeds the amount of the initial payment; or

(ii) if the entity did not make an initial payment or the amount of that payment was refunded under subsection 221AU(4) - the amount of income tax specified under paragraph (a).

 

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