INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1A - Collection by instalments of tax on companies in respect of years of income before the year of income ending on 30 June 1990  

SECTION 221AB   MODIFIED APPLICATION OF DIVISION FOR EARLY BALANCING COMPANIES  

221AB(1)   [Tax instalments payable for 1986/87 and later income years]  

This Division applies, in relation to instalments of tax payable by an early balancing company in respect of income of the year of income commencing on 1 July 1986 or a subsequent year of income, as if:

(a) references in section 221AC (including that section as it applies in accordance with section 102L or 102T ) and section 221AF to a year of tax were references to the period (in this subsection referred to as the ``substituted instalment period'') of one year commencing on:

(i) the first day of the month next following the month in which the year of income of the company ends; or

(ii) 1 January in the financial year next preceding the year of tax,

whichever is the later; and

(b) references in sections 221AF and 221AG to a specified date in a year of tax were references to the date that precedes the specified date by the number of months in the period commencing on the first day of the substituted instalment period and ending immediately before the beginning of the year of tax.

221AB(2)   [``early balancing company'']  

In this section, ``early balancing company'' means a company whose year of income ends more than 1 month before the beginning of the year of tax.