Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)

Schedule 5   Payments of tax by small companies

Income Tax Assessment Act 1936

5   Section 221AZH

Insert:

reckoning day means:

(a) where:

(i) the current year is the 1997-98 year of income or a later year of income; and

(ii) on or before the first day of month 9, the taxpayer has not lodged an estimate of the likely tax for the current year or a return for the previous year;

the earlier of the day on which the taxpayer first lodges a return for the previous year and the 15th day of month 9; or

(b) in any other case - the first day of month 9.