Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p15
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 15/22)
Character Range: 899841–902616

of sections

Operative provisions
45‑855 Section 701‑1 disregarded for certain purposes
45‑860 Member having a different instalment period
45‑865 Credit rule
45‑870 Head company's liability to GIC on shortfall in quarterly instalment
45‑875 Other rules about the general interest charge
45‑880 Continued application of Subdivision 45‑Q to the head company of an acquired group
45‑885 Early application of Subdivision 45‑Q to the head company of a new group

Operative provisions

45‑855  Section 701‑1 disregarded for certain purposes
  If:
 (a) an amount is required to be worked out for the purpose of determining the *instalment income of an entity that is a *member of a *consolidated group for a period that is all or a part of a *consolidation transitional year for the entity; and
 (b) the period ends before Subdivision 45‑Q starts to apply, because of subsection 45‑705(2) or subparagraph 45‑705(3)(c)(ii), (4)(d)(ii) or (iv), to the *head company of the group;
that amount must be worked out without regard to any application of section 701‑1 of the Income Tax Assessment Act 1997 to the entity in relation to the period.

45‑860  Member having a different instalment period

Different instalment period—instalment quarter
 (1) If:
 (a) but for Subdivision 45‑Q, a *subsidiary member of a *consolidated group would be liable to pay an instalment for an *instalment quarter of the subsidiary member that includes the starting time; and
 (b) that quarter starts before the start of the instalment quarter of the *head company of the group that includes the starting time;
then, despite section 45‑710, the subsidiary member is liable to pay an instalment for that quarter.

Different instalment period—income year
 (2) If:
 (a) but for Subdivision 45‑Q, a *subsidiary member of a *consolidated group would be liable to pay an annual instalment for an income year of the subsidiary member that includes the starting time; and
 (b) that year ends before the end of the income year of the *head company of the group that includes the starting time;
then, despite section 45‑710, the subsidiary member is liable to pay an instalment for that year.

Assumptions for working out amount of instalment
 (3) The amount of the instalment must be worked out on the following assumptions:
 (a) that the *instalment quarter or income year of the *subsidiary member (as appropriate) consists only of the period that is the part of the quarter or year occurring before the starting time;
 (b) that an amount required to be worked out for the purpose of determining the *instalment income of the subsidiary member for that period is worked out under section 45‑855.
 (4) For the purposes of this section, the starting time is the time at which Subdivision 45‑Q starts to apply to the