Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:2_52
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 2 cl 52
Character Range: 85634–87388

52  Transitional—instalment quarters before 1st July 2001 in 2001‑2002 income year

(1) This item applies to an entity if:
 (a) but for this item, the entity would have become a *quarterly payer who pays 2 instalments annually on the basis of GDP‑adjusted notional tax just before the end of an *instalment quarter under section 45‑134 in Schedule 1 to the Taxation Administration Act 1953; and
 (b) that instalment quarter (the first quarter) is:
 (i) in the 2001‑2002 income year; and
 (ii) begins before 1st July 2001.

(2) Despite any other provisions:
 (a) an entity to which this item applies does not so become a *quarterly payer who pays 2 instalments annually on the basis of GDP‑adjusted notional tax; and
 (b) for the purposes of Division 45 in Schedule 1 to the Taxation Administration Act 1953, the entity instead becomes a *quarterly payer who pays 4 instalments annually on the basis of GDP‑adjusted notional tax (four instalments payer) just before the end of the first quarter; and
 (c) the entity stops being a four instalments payer at the start of the first instalment quarter that begins on or after 1 July 2001 (the later quarter) if:
 (i) as a result of paragraph (b), the entity would otherwise be a four instalment payer at the end of the later quarter; and
 (ii) the entity would satisfy subsection 45‑134(1) in Schedule 1 to that Act at the end of the later quarter if the reference to the *starting instalment quarter in that subsection were a reference to the later quarter; and
 (d) the entity becomes a *quarterly payer who pays 2 instalments annually on the basis of GDP‑adjusted notional tax at the end of the later quarter if subparagraph (c)(ii) of this item applies (whether or not subparagraph (c)(i) also applies).