Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:2_51
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 2 cl 51
Character Range: 83963–85634

51  Transitional—calculation of instalment amount

(1) Despite any other provisions, the Commissioner must work out in accordance with the following formula the amount of an instalment for a relevant quarter that the Commissioner notifies to a transitional payer under paragraph 45‑112(1)(a) in Schedule 1 to the Taxation Administration Act 1953:

(2) In this item:
GDP adjustment has the same meaning as in section 45‑405 in Schedule 1 to the Taxation Administration Act 1953.
notional tax has the meaning given by sections 45‑325 and 45‑475 in Schedule 1 to the Taxation Administration Act 1953.
relevant quarter means an *instalment quarter that:
 (a) is in the 2000‑2001 or 2001‑2002 income year; and
 (b) ends on or after 31 March 2001 but not on or after 31 December 2001.
transitional payer means an entity that becomes a *quarterly payer who pays on the basis of GDP‑adjusted notional tax (within the meaning of Division 45 in Schedule 1 to the Taxation Administration Act 1953) at the end of a relevant quarter only because of:
 (a) the operation of item 49 of this Schedule; or
 (b) the amendments of that Division by this Schedule.

(3) An amount worked out under this item has effect as if it were worked out under Subdivision 45‑L in Schedule 1 to the Taxation Administration Act 1953.

(4) Nothing in this item prevents the application to a transitional payer of paragraph 45‑112(1)(b) in Schedule 1 to the Taxation Administration Act 1953 in respect of the instalment for a relevant quarter.

(5) However, paragraph 45‑112(1)(c) and section 45‑420 in that Schedule do not apply to a transitional payer in respect of the instalment for a relevant quarter.