INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteThis section sets out the meaning of provisional tax uplift factor for a year of income.
221YAAA(2) [1996/97 income year]The provisional tax uplift factor for the 1996-97 year of income is 6%.
221YAAA(3) [Formula for later income years]The provisional tax uplift factor for a later year of income (the later provisional tax year ) is the percentage worked out using the formula:
221YAAA(4) [GDP amount]
The GDP amount for a quarter is the amount published in the document mentioned in subsection (5) as the original gross domestic product at current prices for the quarter.
The document for the purposes of subsection (4) is the first document published by the Australian Statistician after the end of the later calendar year that sets out amounts as mentioned in subsection (4) for all of the quarters in both the later calendar year and the earlier calendar year.
221YAAA(6) [Definitions]For the purposes of subsections (3) to (5):
earlier calendar year
means the calendar year that occurs immediately before the later calendar year.
later calendar year
means the calendar year ending on the 31 December occurring most recently before the later provisional tax year.
quarter
means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.
In working out the percentage under subsection (3), any substituted accounting period is disregarded.
221YAAA(8) [Rounding to whole number]If the percentage worked out under subsection (3) is not a whole number, it is rounded to the nearest whole number (rounding a number ending in .5 downwards).
221YAAA(9) [Negative percentage]If the percentage worked out under subsection (3) is negative, it is instead 0%.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
