New Business Tax System (Consolidation) Act (No. 1) 2002 (68 of 2002)

Schedule 4   Amendments about Pay as you go (PAYG) instalments

Part 2   Consequential amendments

Taxation Administration Act 1953

10   At the end of section 45-232 in Schedule 1

Add:

Modifications for subsidiary member of consolidated group

(7) Subsections (1) to (6) apply to you with the modifications set out in subsections (8) to (10) if the variation quarter is in a *consolidation transitional year for you as a *subsidiary member of a *consolidated group.

(8) For the purposes of subsection (7), a reference in subsection (1), (3), (3A), (3B), (3C) and (3D) to your *benchmark tax for that year is taken to be a reference to the amount worked out as follows:

(Your benchmark tax for that year / Number of days in that year when you are not a subsidiary member of the group) x 365

(9) For the purposes of subsection (7), a reference in this section to:

(a) the acceptable amount of your instalment for an *instalment quarter in an income year; or

(b) the acceptable amount of your instalment for the earlier instalment quarter in an income year; or

(c) the acceptable amounts of your instalments for the earlier instalment quarters in an income year;

is taken to be a reference to so much of the acceptable amount of instalment or acceptable amounts of instalments, worked out under subsection (3), (3A), (3B), (3C) or (3D) for that quarter or those quarters (as appropriate), as is reasonably attributable to the period in that quarter or those quarters (as appropriate) during which you are not a *subsidiary member of the group.

(10) For the purposes of subsection (7), a reference to the actual amount in subsection (2) is taken to be a reference to so much of the actual amount worked out under that subsection as is reasonably attributable to the period in the variation quarter during which you are not a *subsidiary member of the group.