Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:1_3:p1
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/3)
Character Range: 5646–8297

3  After Division 4
Insert:

Division 5—How to work out when to pay your income tax

Table of Subdivisions

 Guide to Division 5
5‑A How to work out when to pay your income tax

Guide to Division 5

5‑1  What this Division is about

      If your assessed income tax liability exceeds the credits available to you under the PAYG system, this Division explains when you must pay the excess to the Commissioner.
      If your assessment is amended so that you must pay income tax, or pay more income tax than under the previous assessment, this Division explains:

                (a) when you must pay the additional tax; and
                (b) when any associated interest charges must be paid.

                  Note: For provisions about the collection and recovery of income tax and other tax‑related liabilities, see Part 4‑15 in Schedule 1 to the Taxation Administration Act 1953.

Subdivision 5‑A—How to work out when to pay your income tax

Table of sections

5‑5 When income tax is payable
5‑10 When shortfall interest charge is payable
5‑15 General interest charge payable on unpaid income tax or shortfall interest charge

5‑5  When income tax is payable

Scope

 (1) This section tells you when income tax you must pay for a *financial year is due and payable.

Note: The Commissioner may defer the time at which the income tax is due and payable: see section 255‑10 in Schedule 1 to the Taxation Administration Act 1953.

 (2) The income tax is only due and payable if the Commissioner makes an *assessment of your income tax for the year.

 (3) However, if the Commissioner does make an *assessment of your income tax for the year, the tax may be taken to have been due and payable at a time before your assessment was made.

Note: This is to ensure that general interest charge begins to accrue from the same date for all like entities. General interest charge on unpaid income tax is calculated from when the tax is due and payable, not from when the assessment is made: see section 5‑15.

Original assessments—self‑assessment entities

 (4) If you are a *self‑assessment entity, the income tax is due and payable on the first day of the sixth month after the end of the income year.

Example: If your income year is the same as the financial year, your income tax would be due and payable on 1 December.

Original assessments—other entities

 (5) If you are not a *self‑assessment entity, the income tax is due and payable 21 days after the day (the return day) on or before which you are required to lodge your *income tax return with the Commissioner.

Note: For rules about income tax returns and when they are due, see