Treasury Laws Amendment (2018 Measures No. 4) Act 2019 (8 of 2019)

Schedule 5   Compliance measures

Part 1   Penalties relating to estimates

Taxation Administration Act 1953

3   At the end of section 269-10 in Schedule 1

Add:

Estimates

(4) This Division also applies if:

(a) a company is a company registered under the Corporations Act 2001; and

(b) the company is given notice of an estimate under Division 268; and

(c) the company is obliged to pay the amount of the estimate to the Commissioner on or before a particular day (the due day ).

(5) If this Division applies because of subsection (4), then for the purposes of this Division:

(a) in the case of an estimate of an underlying liability referred to in paragraph 268-10(1)(a) (PAYG withholding liabilities) - the initial day is:

(i) for a company that is a *medium withholder or a *small withholder on the last day of the period identified in the notice of the estimate under section 268-15 as the period to which the underlying liability relates - the last day of that period; or

(ii) for any other company - the day by which the company is obliged to pay the amount of the underlying liability to the Commissioner; and

(b) in the case of an estimate of an underlying liability referred to in paragraph 268-10(1)(b) (superannuation guarantee charge) - the initial day is the last day of the *quarter to which the estimate relates; and

(c) the company's obligation to pay the amount of the estimate is taken to have begun on the day after the initial day identified in paragraph (a) or (b) of this subsection.

(6) For the purposes of subsection (5), assume that the underlying liability exists as identified in the notice of the estimate under section 268-15.