INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1C - Payment of instalments by companies and certain trustees  

Subdivision A - Interpretation  

SECTION 221AZH   221AZH   INTERPRETATION  
In this Division, unless the contrary intention appears:

"amount"
, in relation to an estimate, includes a nil amount;

"current year"
means the year of income for which instalments are being calculated;

"due date"
, in relation to a particular instalment, means the due date specified in Table 1 in section 221AZK , whether or not the taxpayer is actually required to pay that instalment;

"estimate"
means an estimate under section 221AZO ;

"final instalment"
means:


(a) for a small taxpayer - the second instalment specified in Table 1 in subsection 221AZK(2) or the single instalment specified in subsection 221AZK(3A) (as the case requires);


(b) for any other taxpayer - the 4th instalment specified in that table;

"instalment"
means an instalment under section 221AZK ;

"instalment taxpayer"
means a taxpayer specified in subsection 221AZK(1) ;

"large taxpayer"
means a taxpayer who is classified as large in accordance with Table 1 in section 221AZK or because of section 221AZKA or 221AZMA ;

"likely tax"
means the likely tax calculated under Subdivision C;

"medium taxpayer"
means, subject to sections 221AZKA and 221AZMA , a taxpayer who is classified as medium in accordance with Table 1 in section 221AZK or because of section 221AZKA ;

reckoning day
means:


(a) where:


(i) the current year is the 1997-98 year of income or a later year of income; and

(ii) on or before the first day of month 9, the taxpayer has not lodged an estimate of the likely tax for the current year or a return for the previous year;
the earlier of the day on which the taxpayer first lodges a return for the previous year and the 15th day of month 9; or


(b) in any other case - the first day of month 9.

"small taxpayer"
means, subject to section 221AZKA , a taxpayer who is classified as small in accordance with Table 1 in section 221AZK ;

"taxable income"
, in relation to a taxpayer in the capacity of trustee of a fund or trust, means the taxable income or net income, as appropriate, of the fund or trust.


 

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