Document ID: chunk:federal_register_of_legislation:C2004A00636:clause:2_3
Version: federal_register_of_legislation:C2004A00636
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 25995–26964

3  Subsection 111(1)
Repeal the subsection, substitute:

 (1) The amount of an instalment of tax of an employer for a year of tax that becomes due and payable on the 21st day after the end of a quarter is the amount worked out using this formula, if the amount is positive:
Otherwise, the amount of the instalment is nil.

Note: If the notional tax amount is too small, the instalment may not be payable: see subsection (2).

 (1A) For the purposes of the formula in subsection (1):

notional tax amount means the employer's notional tax amount for the year of tax, as at the end of the last day of that quarter.

previous credits means the total of any credits the employer has claimed under section 112A because of one or more instalments of tax for the same year of tax that became due and payable before that day.

previous instalments means the total of any instalments of tax for the same year of tax that became due and payable by the employer before that day.