INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1A - Collection by instalments of tax on companies in respect of years of income before the year of income ending on 30 June 1990  

SECTION 221AC   LIABILITY TO PAY INSTALMENTS OF TAX  

221AC    
For the purpose of securing generally the more expeditious collection of income tax payable by companies, a company is liable to pay during the relevant year of tax in accordance with this Division:

(a) 2 instalments of tax in respect of income of the year of income that commenced on 1 July 1976; and

(b) 3 instalments of tax in respect of income of the year of income that commences on 1 July 1977 and in respect of income of each subsequent year of income.

221AC(2)