Taxation Laws Amendment Act 1994 (56 of 1994)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 5   Payment of instalments by companies and certain trustees

39   Objects of Division

The objects of this Division are:

(a) to include in the new company tax instalment rules provision for treating a medium taxpayer as large for instalment purposes, if the taxpayer is part of a group of controlled instalment taxpayers; and
        

(b) to make it clear that, in calculating the base amount in relation to a penalty under section 221AZP, only a taxpayer's first estimate for the current year is relevant; and
        

(c) to make minor technical amendments of the company tax instalment rules.