INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3 - Provisional tax  

Subdivision A - General provisions  

SECTION 221YAAA   PROVISIONAL TAX UPLIFT FACTOR  

221YAAA(1)   [Purpose]  

This section sets out the meaning of provisional tax uplift factor for a year of income.

221YAAA(2)   [1996/97 income year]  

The provisional tax uplift factor for the 1996-97 year of income is 6%.

221YAAA(3)   [Formula for later income years]  

The provisional tax uplift factor for a later year of income (the later provisional tax year ) is the percentage worked out using the formula:

221YAAA(4)   [GDP amount]  

The GDP amount for a quarter is the amount published in the document mentioned in subsection (5) as the original gross domestic product at current prices for the quarter.

221YAAA(5)   [Document]  

The document for the purposes of subsection (4) is the first document published by the Australian Statistician after the end of the later calendar year that sets out amounts as mentioned in subsection (4) for all of the quarters in both the later calendar year and the earlier calendar year.

221YAAA(6)   [Definitions]  

For the purposes of subsections (3) to (5):

earlier calendar year
means the calendar year that occurs immediately before the later calendar year.

later calendar year
means the calendar year ending on the 31 December occurring most recently before the later provisional tax year.

quarter
means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.

221YAAA(7)   [Substituted accounting period]  

In working out the percentage under subsection (3), any substituted accounting period is disregarded.

221YAAA(8)   [Rounding to whole number]  

If the percentage worked out under subsection (3) is not a whole number, it is rounded to the nearest whole number (rounding a number ending in .5 downwards).

221YAAA(9)   [Negative percentage]  

If the percentage worked out under subsection (3) is negative, it is instead 0%.