Taxation Laws Amendment Act (No. 2) 1993 (18 of 1993)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 8   Amendments relating to the payment of instalments by companies and certain trustees

Subdivision B   Application and transitional

56   Application of new Division 1C

 

(1) For small and medium taxpayers, the new Division 1C applies for the 1994-95 year of income and all later years of income.

      

(2) For large taxpayers, the new Division 1C applies for the 1995-96 year of income and all later years of income. However, for the 1995-96 year of income, a large taxpayer is not required to pay the first instalment.

      

(3) In this section:

"new Division 1C" means Division 1C of Part VI of the amended Act.