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 45-155   ENTITY STOPS BEING ANNUAL PAYER IF NOTIONAL TAX IS $8,000 OR MORE, OR ENTITY CHOOSES TO PAY QUARTERLY  

45-155(1)    

You stop being an *annual payer at the start of the first *instalment quarter in an income year (the current year ) if:

(a) after the end of the first instalment quarter in the previous income year and before the end of the first instalment quarter in the current year, the Commissioner notifies you of your *notional tax, and it is $8,000 or more; or

(b) you choose to pay instalments quarterly instead of annually.

45-155(1A)    

You must make the choice by notifying the Commissioner, in the *approved form, on or before the day on which the instalment for the first *instalment quarter for the current year would otherwise be due (disregarding subsection 45-112(3) ).

45-155(2)    
You must pay an instalment for the first *instalment quarter of the next income year, and later instalment quarters, in accordance with Subdivision 45-B .

45-155(3)    

You must still pay an annual instalment for the previous income year referred to in subsection (1).

45-155(4)    
You may again become an *annual payer at the end of the first *instalment quarter in a later income year if:

(a) at that time, you satisfy the conditions in subsection 45-140(1) or in paragraphs 45-140(1A)(c), (d), (e) and (f) ; and

(b) you again choose under section 45-140 to pay annually.