Tax Laws Amendment (2009 Measures No. 5) Act 2009 (118 of 2009)

Schedule 2   Taxation of financial arrangements

Part 1   Amendment commencing on Royal Assent

Taxation Administration Act 1953

3   Transitional

(1) This item applies to you if:

(a) you are a quarterly payer who pays on the basis of instalment income at the end of the first instalment quarter ending after the commencement of this item; and

(b) an amount is included in your instalment income under subsection 45-120(2B) in Schedule 1 to the Taxation Administration Act 1953 (disregarding the amendment made by this Part) for an instalment quarter starting on or after 1 July 2009 and ending before the commencement of this item.

(2) For each instalment quarter mentioned in paragraph (1)(b), work out:

(a) your instalment income for the quarter (taking into account the amendment made by this Part); and

(b) your instalment income for the quarter (disregarding the amendment made by this Part).

(3) Next:

(a) work out the total of every amount worked out under paragraph (2)(a); and

(b) work out the total of every amount worked out under paragraph (2)(b); and

(c) subtract the amount worked out under paragraph (b) of this subitem from the amount worked out under paragraph (a) of this subitem.

(4) If the amount worked out under paragraph (3)(c) is more than nil, increase your instalment income for the first instalment quarter ending after the commencement of this item by that amount.