Tax Laws Amendment (2013 Measures No. 2) Act 2013 (124 of 2013)

Schedule 1   Monthly PAYG instalments

Part 1   Main amendments

Taxation Administration Act 1953

31   At the end of section 45-870 in Schedule 1

Add:

(5) Subsections (6) and (7) apply if:

(a) the *head company of the *consolidated group is a *monthly payer at a time in an *instalment month (the current month ); and

(b) any of the other *members of the group (the subsidiary quarterly payers ) are *quarterly payers at a time in the *instalment quarter (the current quarter ) in which the current month starts.

(6) Apply the following rules:

(a) treat the reference in subsection (1) to an *instalment quarter as being a reference to the current month;

(b) treat the references in this section to that quarter (or that instalment quarter) as being references to the current month.

(7) Also apply the following rules, for the purposes of subsections (1) to (5):

(a) treat the subsidiary quarterly payers as *monthly payers for each *instalment month (a notional instalment month ) that starts (disregarding paragraph (6)(a)) in the current quarter;

(b) apply this section separately in relation to each of those notional instalment months;

(c) treat the amount of instalment or credit for a subsidiary quarterly payer in respect of a notional instalment month as being the extent to which the amount of instalment or credit for the subsidiary quarterly payer for the current quarter is attributable to that notional instalment month.