Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:2_49
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 2 cl 49
Character Range: 80739–83325

49  Transitional—new categories of payers who pay on basis of GDP‑adjusted notional tax for 2000‑2001 income year

(1) Despite any other provisions, an entity may choose to be a *quarterly payer who pays on the basis of GDP‑adjusted notional tax for the purposes of Division 45 in Schedule 1 to the Taxation Administration Act 1953 if:
 (a) the entity satisfies the conditions in subitem (2) at the end of an *instalment quarter for which the entity is liable to pay an instalment under that Division; and
 (b) that quarter (transitional quarter):
 (i) is in the 2000‑2001 income year; and
 (ii) ends on or after 31 March 2001 but not after 31 December 2001.

Note: The entity must make the choice in accordance with subitem (3).

(2) The entity satisfies the conditions in this subitem at a particular time if, at that time:
 (a) the entity is an individual or a *multi‑rate trustee that is not an *annual payer or a *quarterly payer who pays on the basis of GDP‑adjusted notional tax (within the meaning of section 45‑125 in Schedule 1 to the Taxation Administration Act 1953 apart from the effect of this item); or
 (b) the entity:
 (i) is a *full self‑assessment taxpayer whose base assessment instalment income (within the meaning of section 45‑320 in that Schedule) for the *base year is $1 million or less; and
 (ii) is not an annual payer; or
 (c) the entity:
 (i) is a full self‑assessment taxpayer whose base assessment instalment income (within the meaning of section 45‑320 in that Schedule) for the base year is more than $1 million; and
 (ii) is not an annual payer but it satisfies the conditions set out in subsection 45‑140(1) in that Schedule for an annual payer.

(3) The entity must make the choice by notifying the Commissioner in the *approved form on or before the day on which the instalment for that transitional quarter is due (disregarding subsection 45‑112(3) in Schedule 1 to the Taxation Administration Act 1953).

(4) If the entity makes the choice in accordance with this item:
 (a) the entity becomes a *quarterly payer who pays on the basis of GDP‑adjusted notional tax for all purposes of Division 45 in Schedule 1 to the Taxation Administration Act 1953 just before the end of that transitional quarter; and
 (b) the entity remains such a payer for each of the rest of the transitional quarters unless the Commissioner withdraws the entity's instalment rate under section 45‑90 in that Schedule during that quarter; and
 (c) for the purposes of this item, subsections 45‑125(1) to (3) and section 45‑130 in that Schedule do not apply to the entity.