Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT 1984No. 123, 1984 - SECT 123

123. Section 221AG of the Principal Act is amended-

   (a)  by inserting in sub-section (1) "or within such further period as the
        Commissioner allows" after "payable," (first occurring);

   (b)  by inserting after sub-section (5) the following sub-section:

"(5A) Where-

   (a)  2 or 3 instalments of tax in respect of the income of a company of a
        year of income are due and payable on the same day;

   (b)  the same date is shown on each of the notices served on the company
        under sub-section 221AF (1) in respect of those instalments as being
        the date of issue of the notice; and

   (c)  the amount payable by the company as one of those instalments of tax
        is required to be ascertained under sub-section (4) or sub-paragraph
        (5) (b) (i),
the amount of the other instalment, or each of those other instalments, of tax
payable by the company in respect of its income of the year of income is an
amount equal to the amount so ascertained.";
(c) by inserting in sub-section (6) "by way of penalty," after "additional
tax," (first occurring);

   (d)  by inserting in sub-section (6) "(in sub-section (7A) referred to as
the 'prescribed amount')" after "on the amount";

   (e)  by omitting from sub-section (6) all the words after "whichever is
        the" (last occurring) and substituting "greater";
(f) by inserting in sub-section (7) "by way of penalty," after "additional
tax," (first occurring);
(g) by omitting from sub-section (7) all the words after "whichever is the"
(last occurring) and substituting "greater"; and

   (h)  by inserting after sub-section (7) the following sub-sections:

"(7A) Where-

   (a)  but for the operation of sub-section 221AD (2B) or sub-sections 221AD
        (2B) and 221AE (1A), a company would have been liable to pay an
        instalment of tax, or 2 instalments of tax, in respect of its income
        of a year of income;

   (b)  the estimated income tax is-

        (i)    nil; or

        (ii)   an amount less than-

                (A)  $1,000; or

                (B)  if the Commissioner has made a determination under
                     sub-section 221AE (1B) in relation to the year of income,
                     4 times the amount determined by the Commissioner under
                     that sub-section in relation to the year of income; and

   (c)  additional tax under sub-section (6) is due and payable by the company
        in respect of the year of income,
then, additional tax, by way of penalty, in respect of the instalment of tax
or each instalment of tax, as the case may be, in respect of the period-

   (d)  commencing on-

        (i)    16 November in the relevant year of tax; or

        (ii)   16 February in the relevant year of tax,
whichever is the earliest day on which, but for the operation of sub-section
221AD (2B) or sub-sections 221AD (2B) and 221AE (1A), as the case may be, the
instalment of tax would have been due and payable by the company if a notice
under sub-section 221AF (1) had been duly served on the company in relation to
the instalment of tax not later than 30 days before that day; and

   (e)  ending on the day on which the amount of income tax payable by the
        company in respect of its taxable income of the year of income became
        due and payable,
is due and payable by the company at the rate of 20% per annum on an amount
equal to the prescribed amount.

"(7B) Where-

   (a)  sub-section (5A) applies in relation to instalments of tax in respect
        of the income of a company of a year of income; and

   (b)  additional tax under sub-section (6) is due and payable by the company
        in respect of the year of income,
additional tax, by way of penalty, equal to-

   (c)  in a case where sub-section (5A) applies in relation to 3 instalments
        of tax-double the amount of additional tax referred to in paragraph
        (b) of this sub-section; or

   (d)  in a case where sub-section (5A) applies in relation to 2 instalments
        of tax-the amount of additional tax referred to in paragraph (b) of
        this sub-section,
is due and payable by the company.

"(7C) Where the Commissioner is satisfied that there are special circumstances
by reason of which it would be fair and reasonable to do so, the Commissioner
may remit the whole or any part of any additional tax payable by the company
under sub-section (6), (7), (7A) or (7B).".