INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1B - Collection of tax on companies and trustees of certain funds  

SECTION 221AN   MODIFIED APPLICATION OF DIVISION FOR CERTAIN ENTITIES WITH SUBSTITUTED ACCOUNTING PERIODS  

221AN(1)   [Application of section]  

Subject to subsection (2), this section applies, in respect of a year of income to which this Division applies, to a relevant entity that has adopted or adopts under this Act, in lieu of that year of income, an accounting period ending on a date (in this section called the ``substituted date'' ) other than 30 June (in this section called the ``relevant 30 June'' ).

221AN(2)   [Where section inapplicable]  

This section does not apply to an entity in respect of a year of income if the substituted date is earlier than the relevant 30 June but not earlier than 1 June next preceding the relevant 30 June.

221AN(3)   [Requirements re substituted dates]  

For the purposes of the application of this Division to an entity to which this section applies in respect of a year of income:

(a) if the substituted date is earlier than 31 December next preceding the relevant 30 June:

(i) the reference in section 221AP to 28 July next following a year of income is to be taken to be a reference to 28 January next following that 31 December; and

(ii) the reference in section 221AZD to 15 March next following a year of income is to be taken to be a reference to:

(A) in the case of an entity that has made an election under subsection 221AU(1) in respect of the year of income - 15 June next following that 31 December; or

(B) in any other case - 15 September next following that 31 December; or

(b) if the substituted date is not earlier than 31 December next preceding the relevant 30 June but is earlier than 1 June next preceding the relevant 30 June:

(i) the reference in section 221AP to 28 July next following a year of income is to be taken to be a reference to the 28th day of the month next following the month in which the substituted date occurs; and

(ii) the reference in section 221AZD to 15 March next following a year of income is to be taken to be a reference to:

(A) in the case of an entity that has made an election under subsection 221AU(1) in respect of the year of income - the 15th day of the sixth month next following the month in which the substituted date occurs; or

(B) in any other case - the 15th day of the ninth month next following the month in which the substituted date occurs; or

(c) if the substituted date is later than the relevant 30 June:

(i) the reference in section 221AP to 28 July next following a year of income is to be taken to be a reference to the 28th day of the month next following the month in which the substituted date occurs; and

(ii) the reference in section 221AZD to 15 March next following a year of income is to be taken to be a reference to:

(A) in the case of an entity that has made an election under subsection 221AU(1) in respect of the year of income - the 15th day of the sixth month next following the month in which the substituted date occurs; or

(B) in any other case - the 15th day of the ninth month next following the month in which the substituted date occurs;

or the 15th day of June next following the relevant 30 June, whichever is the earlier day.