Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-E - Annual payers  

When you start and stop being an annual payer

SECTION 45-140   CHOOSING TO PAY ANNUAL INSTALMENTS  

45-140(1)    

You may choose to pay instalments annually instead of quarterly if, at the end of the *starting instalment quarter, you satisfy the following conditions:

(a) you are neither registered, nor *required to be registered, under Part 2-5 of the *GST Act; and

(b) you are not a partner in a partnership that is registered, or required to be registered, under that Part; and

(c) your most recent *notional tax notified by the Commissioner is less than $8,000; and

(d) in the case of a company - the company is not a *participant in a *GST joint venture under Division 51 of that Act; and

(e) in the case of a company - the company is not part of an *instalment group.

Note:

You cannot choose to be an annual payer while you are the head company of a consolidated group to which Subdivision 45-Q applies: see section 45-720 .

45-140(1A)    

You may also choose at a time (subject to subsection (2)) to pay instalments annually instead of quarterly if at that time either:

(a) an *annual tax period election of yours has effect and, if you are a partner in one or more partnerships that are registered under Part 2-5 of the *GST Act, an annual tax period election of each of those partnerships has effect; or

(b) all of the following subparagraphs apply:

(i) you are neither registered, nor *required to be registered, under Part 2-5 of the GST Act;

(ii) you are a partner in one or more partnerships that are registered under that Part;

(iii) an annual tax period election of each of those partnerships has effect;

and at the end of the *starting instalment quarter, you satisfy the following conditions:

(c) you are not a partner in a partnership that is required to be registered under Part 2-5 of the GST Act;

(d) your most recent *notional tax notified by the Commissioner is less than $8,000;

(e) in the case of a company - the company is not a *participant in a *GST joint venture under Division 51 of that Act;

(f) in the case of a company - the company is not part of an *instalment group.

Note:

You cannot choose to be an annual payer while you are the head company of a consolidated group to which Subdivision 45-Q applies: see section 45-720 .

45-140(2)    

You must make the choice under subsection (1) or (1A) by notifying the Commissioner, in the *approved form, on or before the day on which that instalment would otherwise be due.

45-140(3)    

You become an annual payer just before the end of the *starting instalment quarter if:

(a) you satisfy the conditions in subsection (1) or (1A); and

(b) you choose to pay instalment annually.