Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2009 MEASURES NO. 3) ACT 2009 - SCHEDULE 2

Income Tax Assessment Act 1997

1   Subsection 995 - 1(1)

Insert:

"annual tax period election" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .

Taxation Administration Act 1953

2   Section   45 - 1 in Schedule   1

Omit "If you are not registered for GST purposes,", substitute "If you are not required to be registered for GST purposes,".

3   After subsection 45 - 140(1) in Schedule   1

Insert:

  (1A)   You may also choose at a time (subject to subsection   (2)) to pay instalments annually instead of quarterly if at that time either:

  (a)   an * annual tax period election of yours has effect and, if you are a partner in one or more partnerships that are registered under Part   2 - 5 of the * GST Act, an annual tax period election of each of those partnerships has effect; or

  (b)   all of the following subparagraphs apply:

  (i)   you are neither registered, nor * required to be registered, under Part   2 - 5 of the GST Act;

  (ii)   you are a partner in one or more partnerships that are registered under that Part;

  (iii)   an annual tax period election of each of those partnerships has effect;

and at the end of the * starting instalment quarter, you satisfy the following conditions:

  (c)   you are not a partner in a partnership that is required to be registered under Part   2 - 5 of the GST Act;

  (d)   your most recent * notional tax notified by the Commissioner is less than $8,000;

  (e)   in the case of a company--the company is not a * participant in a * GST joint venture under Division   51 of that Act;

  (f)   in the case of a company--the company is not part of an * instalment group.

Note:   You cannot choose to be an annual payer while you are the head company of a consolidated group to which Subdivision   45 - Q applies: see section   45 - 720.

4   Subsection 45 - 140(2) in Schedule   1

After "choice", insert "under subsection   (1) or (1A)".

5   Paragraph 45 - 140(3)(a) in Schedule   1

After "subsection   (1)", insert "or (1A)".

6   Paragraph 45 - 150(1)(a) in Schedule   1

Omit " * registered, or * required to be registered,", substitute " * required to be registered".

7   Paragraphs 45 - 150(1)(b) and (c) in Schedule   1

Omit "registered, or required to be registered,", substitute "required to be registered".

8   At the end of subsection 45 - 150(1) in Schedule   1

Add:

  ; or (f)   an * annual tax period election of yours, or of a partnership in which you are a partner, ceases to have effect.

9   Paragraph 45 - 150(3)(a) in Schedule   1

Repeal the paragraph, substitute:

  (a)   after you stop being an * annual payer under subsection   (1), you satisfy the conditions in subsection 45 - 140(1) or (1A); and

10   Paragraph 45 - 150(3)(b) in Schedule   1

Omit "that section", substitute "section   45 - 140".

11   Paragraph 45 - 155(4)(a) in Schedule   1

Omit "again satisfy the conditions in section   45 - 140", substitute "satisfy the conditions in subsection 45 - 140(1) or in paragraphs 45 - 140(1A)(c), (d), (e) and (f)".

12   Paragraph 45 - 155(4)(b) in Schedule   1

Omit "that section", substitute "section   45 - 140".

13   Paragraph 45 - 160(3)(a) in Schedule   1

Repeal the paragraph, substitute:

  (a)   after you stop being an * annual payer under subsection   (1), you satisfy the conditions in subsection 45 - 140(1) or (1A); and

14   Paragraph 45 - 160(3)(b) in Schedule   1

Omit "that section", substitute "section   45 - 140".

15   Application

The amendments of the Taxation Administration Act 1953 made by this Schedule apply in relation to instalments for income years starting after 30   June 2009.