Commonwealth Numbered Acts

Income Tax Laws Amendment Act (No. 3) 1981 No. 154 of 1981 - SECT 39

PART V-MISCELLANEOUS

39. For the purposes of the application of sub-section 221YC (1) of the
Income Tax Assessment Act 1936 (in this section referred to as the
''Assessment Act'') in ascertaining the amount of provisional tax payable by a
taxpayer in respect of income of the year of income that commenced on 1 July
1981 (in this section referred to as the ''relevant year of income''), being a
taxpayer who would, apart from this section, be liable to pay provisional tax
calculated in accordance with sub-section 221YC (1) or (1A) of the Assessment
Act in respect of income of the relevant year of income-

   (a)  if paragraph 221YC (1) (a) of the Assessment Act applies to the
        taxpayer-the amount of provisional tax payable by the taxpayer in
        respect of income of the relevant year of income by virtue of that
        paragraph is the amount ascertained by deducting from the amount of
        income tax that would have been assessed in respect of the amount that
        would have been the taxable income of the taxpayer of the year of
        income next preceding the relevant year of income if-

        (i)    the taxable income of the taxpayer of the year of income next
               preceding the relevant year of income had, except for the
               purpose of determining the notional income for the purpose of
               section 59AB, 86 or 158D of the Assessment Act, been increased
               by 10%;

        (ii)   where the eligible taxable income for the purposes of Division
               6AA of Part III of the Assessment Act of the taxpayer of the
               year of income next preceding the relevant year of income
               exceeded $1,040-that eligible taxable income had been increased
               by 10%;

        (iii)  the deemed taxable income from primary production for the
               purposes of section 156 of the Assessment Act of the taxpayer
               of the year of income next preceding the
               relevant year of income had been increased by 10%;

        (iv)   each reference in Schedules 17, 18 and 20 to the
               Income Tax (Rates)  Act 1976 to $4,041 were a reference to
               $4,195;

        (v)    each reference in Schedules 17, 18 and 20 to the
               Income Tax (Rates)  Act 1976 to $17,239 were a reference to
               $17,894;

        (vi)   each reference in Schedules 17, 21 and 22 to the
               Income Tax (Rates)  Act 1976 to $34,478 were a reference to
               $35,788; and

        (vii)  the taxpayer were not entitled to any rebate or credit in his
               assessment,

the sum of-

        (viii) the rebates (if any) to which the taxpayer would have been
               entitled under sections 23AB, 79A and 79B of the Assessment Act
               in his assessment in respect of income of the year of income
               next preceding the relevant year of income if the rebates (if
               any) to which the taxpayer was entitled in his assessment in
               respect of income of that last-mentioned year of income under
               sections 159J, 159K and 159L of the Assessment Act or would
               have been entitled in respect of that last-mentioned year of
               income under section 159J of the Assessment Act but for
               sub-section 159J (1A) of that Act had been increased by 3.8%;

        (ix)   the rebate (if any) to which the taxpayer would have been
               entitled under section 156 of the Assessment Act in his
               assessment in respect of income of the year of income next
               preceding the relevant year of income if the conditions set out
               in sub-paragraphs (i) to (vi) (inclusive) of this paragraph
               were applicable for the purposes of making that assessment
               other than for the purposes of determining the average income
               of the taxpayer for the purposes of the application of Division
               16 of Part III of the Assessment Act;

        (x)    each of the rebates (if any) to which the taxpayer was entitled
               under sections 159J, 159K and 159L of the Assessment Act in his
               assessment in respect of income of the year of income next
               preceding the relevant year of income, as increased by 3.8%;
               and

        (xi)   the rebates and credits (other than a rebate under section
               23AB, 79A, 79B, 156, 159J, 159K or 159L of the Assessment Act)
               to which the taxpayer was entitled in his assessment in respect
               of income of the year of income next preceding the
               relevant year of income; and

   (b)  if paragraph 221YC (1) (b) of the Assessment Act applies to the
        taxpayer-the amount of provisional tax payable by him in respect of
        income of the relevant year of income by virtue of that paragraph is-

        (i)    in a case where-

                (A)  paragraph 221YC (1) (a) of the Assessment Act would apply
                     to the taxpayer in relation to the
                     relevant year of income but for sub-section 221YA (5) of
                     that Act; and

                (B)  the taxpayer is a taxpayer to whom paragraph 221YA (5)
                     (a) of the Assessment Act applies, but paragraph 221YA
                     (5) (b) of that Act does not apply, in relation to the
                     relevant year of income,

the amount that would be payable by the taxpayer under paragraph 221YC (1) (a)
of the Assessment Act (as affected by paragraph (a) of this section) if
sub-section 221YA (5) were not included in that Act and Division 16C of Part
III of that Act were not applicable in relation to the year of income next
preceding the relevant year of income;

        (ii)   in a case where-

                (A)  paragraph 221YC (1) (a) of the Assessment Act would apply
                     to the taxpayer in relation to the
                     relevant year of income but for sub-section 221YA (5) of
                     that Act; and

                (B)  the taxpayer is a taxpayer to whom paragraph 221YA (5)
                     (b) of the Assessment Act applies, but paragraph 221YA
                     (5) (a) of that Act does not apply, in relation to the
                     relevant year of income,

the amount that would be payable by the taxpayer under paragraph 221YC (1) (a)
of the Assessment Act (as affected by paragraph (a) of this section) if
sub-section 221YA (5)were not included in that Act and the taxable income of
the taxpayer of the year of income next preceding the relevant year of income
had been increased by the aggregate of the deductions allowed or allowable to
the taxpayer under section 124ZAF of that Act in his assessment in respect of
income of the year of income next preceding the relevant year of income;

        (iii)  in a case where-

                (A)  paragraph 221YC (1) (a) of the Assessment Act would apply
                     to the taxpayer in relation to the
                     relevant year of income but for sub-section 221YA (5) of
                     that Act; and

                (B)  the taxpayer is a taxpayer to whom paragraphs 221YA (5)
                     (a) and (b) of the Assessment Act apply in relation to
                     the relevant year of income,

the amount that would be payable by the taxpayer under paragraph 221YC (1) (a)
of the Assessment Act (as affected by paragraph (a) of this section) if-

                (C)  sub-section 221YA (5) were not included in the Assessment
                     Act;

                (D)  Division 16C of Part III of the Assessment Act were not
                     applicable in relation to the year of income next
                     preceding the relevant year of income; and

                (E)  the amount that, but for this sub-sub-paragraph, would
                     have been the taxable income of the taxpayer of the year
                     of income next preceding the relevant year of income had
                     been increased by the aggregate of the deductions allowed
                     or allowable to the taxpayer under section 124ZAF of the
                     Assessment Act in his assessment in relation to the year
                     of income next preceding the relevant year of income; and

        (iv)   in any other case-the amount that would be payable by the
               taxpayer under paragraph (a) of this section if the provisions
               of that paragraph applied to the taxpayer in relation to his
               income of the relevant year of income and-

                (A)  the taxable income of the taxpayer of the year of income
                     next preceding the relevant year of income had been equal
                     to the amount that the Commissioner estimates would have
                     been his provisional income if Division 16C of Part III
                     of the Assessment Act were not applicable in relation to
                     the year of income next preceding the
                     relevant year of income increased by the aggregate of the
                     deductions (if any) allowed or allowable to the taxpayer
                     under section 124ZAF of the Assessment Act in his
                     assessment in relation to the year of income next
                     preceding the relevant year of income;

                (B)  the deemed taxable income from primary production for the
                     purposes of Division 16 of Part III of the Assessment Act
                     of the taxpayer of that next preceding year were such
                     amount (if any) as the Commissioner determines; and

                (C)  the amount of the eligible taxable income for the
                     purposes of Division 6AA of Part III of the Assessment
                     Act of the taxpayer of that next preceding year were such
                     amount (if any) as the Commissioner determines.