A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 12   Civil penalties

Income Tax Assessment Act 1936

3   After section 221AZKC

Insert:

221AZKD Notification of deferred payments

(1) An instalment taxpayer that chooses to defer payment of a final instalment under section 221AZKC must notify the Commissioner of the amount of the instalment on or before the day on which the amount is due to be paid under that section (regardless of whether it is paid).

(2) The notification must be in the approved form and lodged with the Commissioner.

(3) In this section:

approved form has the same meaning as in subsection 995-1(1) of the Income Tax Assessment Act 1997.