Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:3_14:p1
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 3 cl 14 (pt 1/2)
Character Range: 105887–108315

14  Subsections 221AZKC(6) and (7)
Repeal the subsections, insert:

 (6) If the taxpayer is a deferred BAS payer on the day on which the first of the payments would otherwise be due under paragraph (5)(a), that payment is due instead:
 (a) on the 28th day of month 19 for the 1999‑2000 year of income unless all or a part of a December falls within month 18 for that year; or
 (b) on the next 28 February if all or a part of a December falls within month 18 for that year.

 (7) If the taxpayer is a deferred BAS payer on the day on which the first of the payments would otherwise be due under paragraph (5)(b), that payment is due instead:
 (a) on the 28th day of month 22 for that year unless all or a part of a December falls within month 21 for that year; or
 (b) on the next 28 February if all or a part of a December falls within month 21 for that year.

 (7A) Each of the remaining payments is due on the same day as when each subsequent notional PAYG quarterly instalment of the taxpayer would have been due, starting from the first notional PAYG quarterly instalment that would be due after the first of the payments under this section is due.

Note 1: The taxpayer may actually be liable to pay PAYG quarterly instalments on the same day as the day worked out under this subsection.

Note 2: If some or all of a payment under this section is not paid on time, the taxpayer is liable to pay the general interest charge on the unpaid amount: see section 221AZMAA.

 (7B) In subsection (7A), notional PAYG quarterly instalment of the taxpayer means each PAYG instalment that the taxpayer would have been liable to pay under Division 45 in Schedule 1 to the Taxation Administration Act 1953 if the taxpayer had continued to be liable for 4 quarterly PAYG instalments each year (whether this is actually the case or not).

Example: The final instalment of KP Ltd is due on 1st March 2001. As a medium taxpayer, KP Ltd deferred 42% of its final liability to be repaid in 21 equal payments. On the 21st April 2001, KP Ltd is a deferred BAS payer and the first payment under this section is therefore due on 28 April 2001.

 KP Ltd has an obligation to pay PAYG instalments for each quarter of an income year. Being a deferred BAS payer, its subsequent payments under this section are therefore due on the same days as its PAYG instalments are due: 28th July, 28th October, 28th February and 28th April of an income year.

 KP