INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1C - Payment of instalments by companies and certain trustees  

Subdivision C - Calculating likely tax for current year  

SECTION 221AZN   GENERAL RULE FOR CALCULATING LIKELY TAX  

221AZN(1)   [Table of likely tax]  

The taxpayer's likely tax at any particular time is worked out using the following table:

Table 2: Likely tax

Table 2: Likely tax

	Situation existing at the particular time	Likely tax
Case 1	The taxpayer has lodged an estimate	The estimated amount (or the last estimated amount if 2 estimates have been lodged)
Case 2	The taxpayer has not lodged an estimate, but there is a previous year's tax amount	The previous year's tax amount
Case 3	The taxpayer has not lodged an estimate and there is not a previous year's tax amount, but there is an earlier year's tax amount	The earlier year's tax amount (or the earlier year's tax amount for the most recent year of income if there are 2 or more such amounts)
Case 4	None of the above applies	Nil

221AZN(2)   [Definitions]  

For the purposes of Table 2:

"previous year's tax amount"
means the amount assessed as the tax payable, and the amount of interest (if any) payable under section 102AAM , for the year of income before the current year;

"earlier year's tax amount"
means the amount assessed as the tax payable, and the amount of interest (if any) payable under section 102AAM , for a year of income 2 or more years before the current year.

221AZN(3)   [Where no tax payable]  

For the purposes of this section, a return lodged by the taxpayer stating that no tax is payable is treated as an assessment of a nil amount of tax.

221AZN(3A)   [Tax amounts may be varied by regulation]  

The regulations may vary, for the purposes of this section, the previous year's tax amount and the earlier year's tax amount of taxpayers in a class of instalment taxpayers for specified years of income to take account of a change in the rates of income tax payable by that class.

221AZN(4)   [Effect of ascertainment]  

The ascertainment of likely tax is not an assessment for the purposes of this Act.