INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

Pt IIIAA inserted by No 58 of 1987.

S 160APBC substituted by No 73 of 2001, s 3 and Sch 2 item 61, applicable in respect of the 2001/02 year of income and later years of income and in respect of an instalment quarter that is a transitional quarter within the meaning of item 49 of the transitional provisions. S 160APBC formerly read:

APPLICATION OF PAYG RATE VARIATION CREDIT  
160APBC
If a company:

(a) is liable to pay a PAYG instalment; and

(b) has a PAYG rate variation credit;

the PAYG rate variation credit must be fully applied to reduce the liability for the PAYG instalment before any other credit or payment can be applied to reduce that liability.

Act No 73 of 2001, s 3 and Sch 2, contained the following transitional provisions, effective 1 January 2001:

48 Preliminary  
48(1)
This Part sets out transitional rules for:

(a) new categories of payers of *PAYG instalment for some *instalment quarters in the 2000-2001 income year; and

(b) some existing PAYG instalment payers for some instalment quarters in the 2000-2001 income year; and

(c) a method of calculating instalment amounts for some instalment quarters in the 2000-2001 and 2001-2002 income years; and

(d) some PAYG instalment payers for some instalment quarters in the 2002 income year.

48(2)
In this Part, if there is an asterisk appearing at the start of a term (as in ``*instalment quarters''), the term has the same meaning as in subsection 995-1(1) of the Income Tax Assessment Act 1997 .
49 Transitional - new categories of payers who pay on basis of GDP-adjusted notional tax for 2000-2001 income year  
49(1)
Despite any other provisions, an entity may choose to be a *quarterly payer who pays on the basis of GDP-adjusted notional tax for the purposes of Division 45 in Schedule 1 to the Taxation Administration Act 1953 if:

(a) the entity satisfies the conditions in subitem (2) at the end of an *Instalment quarter for which the entity is liable to pay an instalment under that Division; and

(b) that quarter ( transitional quarter );

(i) is in the 2000-2001 income year; and

(ii) ends on or after 31 March 2001 but not after 31 December 2001.

Note:

The entity must make the choice in accordance with subitem (3).

49(2)
The entity satisfies the conditions in this subitem at a particular time if, at that time:

(a) the entity is an individual or a *multi-rate trustee that is not an *annual payer or a *quarterly payer who pays on the basis of GDP-adjusted notional tax (within the meaning of section 45-125 in Schedule 1 to the Taxation Administration Act 1953 apart from the effect of this item); or

(b) the entity:

(i) is a *full self-assessment taxpayer whose base assessment instalment income (within the meaning of section 45-320 in that Schedule) for the *base year is $1 million or less; and

(ii) is not an annual payer; or

(c) the entity:

(i) is a full self-assessment taxpayer whose base assessment instalment income (within the meaning of section 45-320 in that Schedule) for the base year is more than $1 million; and

(ii) is not an annual payer but it satisfies the conditions set out in subsection 45-140(1) in that Schedule for an annual payer.

49(3)
The entity must make the choice by notifying the Commissioner in the *approved form on or before the day on which the instalment for that transitional quarter is due (disregarding subsection 45-112(3) in Schedule 1 to the Taxation Administration Act 1953 ).

49(4)
If the entity makes the choice in accordance with this item:

(a) the entity becomes a *quarterly payer who pays on the basis of GDP-adjusted notional tax for all purposes of Division 45 in Schedule 1 to the Taxation Administration Act 1953 just before the end of that transitional quarter; and

(b) the entity remains such a payer for each of the rest of the transitional quarters unless the Commissioner withdraws the entity's instalment rate under section 45-90 in that Schedule during that quarter; and

(c) for the purposes of this item, subsections 45-125(1) to (3) and section 45-130 in that Schedule do not apply to the entity.
50 Transitional - some existing PAYG payers for 2000-2001 income year  
50(1)
This item applies to an entity that:

(a) is a *quarterly payer who pays on the basis of GDP-adjusted notional tax (within the meaning of section 45-125 of Schedule 1 to the Taxation Administration Act 1953 at the end of a transitiional quarter (within the meaning of item 49 of this Schedule); and

(b) is not an entity that has chosen to become such a payer under item 49 of this Schedule.

50(2)
Section 45-130 in Schedule 1 to the Taxation Administration Act 1953 does not apply to that entity for that transitional quarter and all later transitional quarters.
51 Transitional - calculation of instalment amount  
51(1)
Despite any other provisions, the Commissioner must work out in accordance with the following formula the amount of an instalment for a relevant quarter that the Commissioner notifies to a transitional payer under paragraph 45-112(1)(a) in Schedule 1 to the Taxation Administration Act 1953 :

[Notional tax   ×   (1   +   GDP adjustment)]   ÷   4

51(2)
In this item:

GDP adjustment
has the same meaning as in section 45-405 in Schedule 1 to the Taxation Administration Act 1953 .

notional tax
has the meaning given by sections 45-325 and 45-475 in Schedule 1 to the Taxation Administration Act 1953 .

relevant quarter
means an *instalment quarter that:

(a) is in the 2000-2001 or 2001-2002 income year; and

(b) ends on or after 31 March 2001 but not on or after 31 December 2001.

transitional payer
means an entity that becomes a *quarterly payer who pays on the basis of GDP-adjusted notional tax (within the meaning of Division 45 in Schedule 1 to the Taxation Administration Act 1953 ) at the end of a relevant quarter only because of:

(a) the operation of item 49 of this Schedule; or

(b) the amendments of that Division by this Schedule.

51(3)
An amount worked out under this item has effect as if it were worked out under Subdivision 45-L in Schedule 1 to the Taxation Administration Act 1953 .

51(4)
Nothing in this item prevents the application to a transitional payer of paragraph 45-112(1)(b) in Schedule 1 to the Taxation Administration Act 1953 in respect of the instalment for a relevant quarter.

51(5)
However, paragraph 45-112(1)(c) and section 45-420 in that Schedule do not apply to a transitional payer in respect of the instalment for a relevant quarter.
52 Transitional - instalment quarters before 1st July 2001 in 2001-2002 income year  
52(1)
This item applies to an entity if:

(a) but for this item, the entity would have become a *quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax just before the end of an *instalment quarter under section 45-134 in Schedule 1 to the Taxation Administration Act 1953 ; and

(b) that instalment quarter (the first quarter ) is:

(i) in the 2001-2002 income year; and

(ii) begins before 1st July 2001.

52(2)
Despite any other provisions:

(a) an entity to which this item applies does not so become a *quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax; and

(b) for the purposes of Division 45 in Schedule 1 to the Taxation Administration Act 1953 , the entity instead becomes a *quarterly payer who pays 4 instalments annually on the basis of GDP-adjusted notional tax ( four instalments payer ) just before the end of the first quarter; and

(c) the entity stops being a four instalments payer at the start of the first instalment quarter that begins on or after 1 July 2001 (the later quarter ) if:

(i) as a result of paragraph (b), the entity would otherwise be a four instalment payer at the end of the later quarter; and

(ii) the entity would satisfy subsection 45-134(1) in Schedule 1 to that Act at the end of the later quarter if the reference to the *starting instalment quarter in that subsection were a reference to the later quarter; and

(d) the entity becomes a *quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax at the end of the later quarter if subparagraph (c)(ii) of this item applies (whether or not subparagraph (c)(i) also applies).
53 Regulations  
53
The Governor-General may make regulations prescribing matters necessary or convenient to be prescribed for carrying out or giving effect to this Part, being matters that are:

(a) of a transitional nature; and

(b) not inconsistent with this Part.

S 160APBC inserted by No 89 of 2000, s 3 and Sch 3 item 12, applicable to the 2000/01 and later years of income.