INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3 - Provisional tax  

Subdivision A - General provisions  

SECTION 221YDC   REDUCTION OF PROVISIONAL TAX  

221YDC(1)   [Reduction of provisional tax]  

Where, by reason of the provisions of subsection 98A(2) , subsection 100(2) , or Division 18 of Part III , or of the provisions of the International Tax Agreements Act 1953 , the amount of income tax which a person will be liable to pay in respect of the income of a year of income is likely to be less than the amount of provisional tax which, but for this section, would be payable in respect of that income, the Commissioner may reduce the provisional tax by such amount as he thinks reasonable in the circumstances.

221YDC(2)   [Reduction of provisional tax payable by minors]  

Where:

(a) the amount of income tax payable by a person in respect of income of the year next preceding the year of income is greater than the amount of income tax that would have been payable by that person in respect of income of that next preceding year if Division 6AA of Part III had not been enacted; and

(b) the amount of income tax that the person will be liable to pay in respect of income of the year of income is likely to be the same amount as the amount of the income tax that the person would be liable to pay in respect of the income of the year of income if that Division had not been enacted;

the Commissioner may reduce the provisional tax by such amount (if any) as he thinks reasonable in the circumstances.

221YDC(3)   [Reference to provisional tax payable]  

A reference in this section to the amount of provisional tax payable includes a reference to the amount that, but for subsection 221YBA(5) , would be the provisional tax payable.