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-D - Quarterly payers  

SECTION 45-134   QUARTERLY PAYER WHO PAYS 2 INSTALMENTS ANNUALLY ON THE BASIS OF GDP-ADJUSTED NOTIONAL TAX  

45-134(1)    
You are a quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax if, at the end of the *starting instalment quarter in an income year, you are an individual that is a *quarterly payer who pays on the basis of GDP-adjusted notional tax and one or more of the following paragraphs apply:

(a) both of the following conditions are satisfied:

(i) you are carrying on a *primary production business in the income year;

(ii) the assessable income that was *derived from, or resulted from, a primary production business that you carried on in the *base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income;

(b) both of the following conditions are satisfied:

(i) you are a *special professional in the income year;

(ii) your *assessable professional income in the base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income.

Note:

This section may apply to you if you are a multi-rate trustee. See section 45-468 .

How and when you become such a payer

45-134(2)    
You become such a payer just before the end of the *starting instalment quarter if subsection (1) is satisfied.

How and when you stop being such a payer

45-134(3)    
You stop being a *quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax at the start of the first *instalment quarter in the next income year if you fail to satisfy subsection (1) at the end of that quarter.

45-134(4)    

In addition, you stop being such a payer at the start of the first *instalment quarter in the next income year if:

(a) at the end of that quarter, you become:

(i) a *quarterly payer who pays on the basis of instalment income; or

(ii) an *annual payer; or

(b) at the end of the first *instalment month of that quarter, you become a *monthly payer.