INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3 - Provisional tax  

Subdivision A - General provisions  

SECTION 221YD   WHEN PROVISIONAL TAX PAYABLE  

221YD(1)   [Notification]  

The amount of provisional tax payable by a taxpayer in respect of the income of any year of income may be:

(a) notified on the notice of assessment of the income tax payable by that taxpayer in respect of the income of the year next preceding that year of income, and in that case shall be due and payable on the date specified in that notice as the date on which tax is due and payable; or

(b) specified in a notice served by the Commissioner on the taxpayer, and in that case shall be due and payable on the date specified in the notice, not being less than 30 days after the service of the notice.

221YD(1A)   [Notification of tax payable]  

The amount that, but for subsection 221YBA(5) , would be the provisional tax payable by a taxpayer in respect of a year of income may be:

(a) notified on the notice of assessment of the income tax payable by the taxpayer in respect of the income of the year next preceding that year of income; or

(b) specified in a notice served by the Commissioner on the taxpayer.

221YD(2)   [Due date]  

Where, under subsection (1), the due date for payment of provisional tax in respect of income of a year of income would be a date before 31 March in that year, that provisional tax shall be due and payable on that last-mentioned date.

221YD(2A)   [Due date of instalment tax payment]  

An instalment of provisional tax is due and payable on the date specified in the instalment notice as the date on which the instalment is due and payable.

221YD(3)   [Liability to general interest charge]  

If any of the provisional tax, or the instalment of provisional tax, which a taxpayer is liable to pay remains unpaid after the time by which it is due to be paid, the taxpayer is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the day by which the provisional tax or the instalment was due to be paid; and

(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the provisional tax or the instalment;

(ii) general interest charge on any of the provisional tax or the instalment.

Note 1:

The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .

Note 2:

Subsection 8AAB(4) of that Act lists the provisions that apply the charge.