Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_221azkc
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 221AZKC
Character Range: 181492–182798

221AZKC  Deferring payment of the final instalment for 1999‑2000

 (1) Depending on the amount of its assessed tax for the 1999‑2000 year of income, an instalment taxpayer may defer payment of all or some of its final instalment for that year.

 (2) However, subsection (1) applies only if the taxpayer is liable to pay a quarterly instalment for the first instalment quarter of the 2000‑01 year of income under Division 45 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount of that instalment is nil).

Note: This means that an entity that becomes an annual payer at the end of that instalment quarter under Subdivision 45‑E in Schedule 1 to the Taxation Administration Act 1953 does not qualify.

How much can be deferred, and for how long?

 (3) The table shows:
 (a) how much of the final instalment can be deferred (the deferred amount); and
 (b) the number of equal quarterly payments by which the taxpayer must pay off the deferred amount.
However, the deferred amount cannot be more than the whole of the instalment (reduced by any credits or offsets specified in paragraph 221AZP(1)(b)).

Paying off final instalment for 1999‑2000
Item                                       Amount of assessed tax for 1999‑2000  Maximum amount deferred   Number of equal quarterly payments