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 221AQ   AMOUNT OF INITIAL PAYMENT  

221AQ(1)   [Determination of amount]  

Subject to this Division, the amount of an initial payment of tax to be made by a relevant entity in respect of its taxable income of a year of income is 85% of:

(a) the amount specified in a written notice given by the entity to the Commissioner to be the amount estimated by the entity to be the income tax that will be payable in respect of its taxable income of that year of income; or

(b) if no such notice is given - the entity's notional tax in respect of that year of income.

221AQ(2)   [Notice]  

A notice given under paragraph (1)(a) in relation to a year of income:

(a) must specify the amount estimated by the entity to be the income tax that will be payable in respect of its taxable income of that year of income; and

(b) is irrevocable.

221AQ(3)   [Refunds]  

If:

(a) a relevant entity gives a notice under paragraph (1)(a) at a time after the relevant entity made the initial payment of tax in respect of its taxable income of the year of income to which the notice relates; and

(b) the entity had paid as that initial payment an amount that was not less than 85% of its notional tax in respect of that year of income; and

(c) the amount estimated by the entity to be the income tax that will be payable in respect of its taxable income of that year of income is less than its notional tax in respect of that year of income;

the Commissioner must, as soon as practicable, refund to the entity an amount equal to 85% of the difference between the amount so estimated and that notional tax.