Tax Laws Amendment (2013 Measures No. 2) Act 2013 (124 of 2013)

Schedule 1   Monthly PAYG instalments

Part 3   Application and transitional provisions

47   Transitional MPR thresholds

(1) Subitem (2) applies if an entity is a corporate tax entity.

(2) If the entity’s MPR test day for an income year mentioned in subsection 45-138(1) in Schedule 1 to the Taxation Administration Act 1953 is before 1 October 2015, treat the reference in paragraph (a) of that subsection to $20 million as a reference to:

(a) if that MPR test day is before 1 October 2014 - $1 billion; or

(b) otherwise - $100 million.

(3) Subitem (4) applies if an entity is not a corporate tax entity.

(4) If the entity’s MPR test day for an income year mentioned in subsection 45-138(1) in Schedule 1 to the Taxation Administration Act 1953 is before 1 October 2016, treat the reference in paragraph (a) of that subsection to $20 million as a reference to $1 billion.

(5) Disregard subitems (2) and (4) for the purposes of subsection 45-136(4) in Schedule 1 to the Taxation Administration Act 1953 (MP stop notice).