Document ID: chunk:federal_register_of_legislation:C2004A00636:clause:2_4
Version: federal_register_of_legislation:C2004A00636
Segment Type: clause
Provision Reference: sch 2 cl 4
Character Range: 24418–25995

4                                              The notional tax amount would otherwise be worked out under item 1 and:                                                                                                                                                                         if the test time is before the prescribed day—the notional tax amount worked out under item 1; or
                                               (a) the rate of tax declared by the Parliament for the current year is different from the rate declared for the base year; and                                                                                                                  if the test time is on and after the prescribed day—that amount as varied in accordance with the regulations.
                                               (b) the regulations provide for varying the notional tax amount of employers for the current year

Note: The employer's first return for the year of tax is treated as an assessment: see section 72.

 (3) The Commissioner may determine that the employer's notional tax amount for the current year is such amount as the Commissioner estimates will be the tax payable by the employer for that year, if the Commissioner has reason to believe that that tax will exceed:
 (a) if the notional tax amount would otherwise be worked out under item 1 or 4 of the table in subsection (1)—the amount of the employer's tax for the base year; or
 (b) if the notional tax amount would otherwise be worked out under item 2 or 3 of the table in subsection (1)—nil.