Income Tax Regulations (Amendment) (Cth)

statutory rules

 1971  No.  148(b)

Regulation 54ze of the Income Tax Regulations is repealed and the following regulation is inserted in its stead :—

Provisional tax for the year of income 1971-1972.

“ 54ze. For the purposes of sub-section (2.) of section 221yc of the Act, the extent to which, and manner in which, the provisional tax otherwise payable by a taxpayer in respect of the income of the year of income ending on the thirtieth day of June, 1972, is to be increased are as follows:—

(a) in a case where the provisional income of the taxpayer in respect of that year of income is equal to his taxable income for the year next preceding that year of income—the provisional tax otherwise payable by the taxpayer shall be increased by the amount, if any, by which the amount of income tax assessed, in accordance with the Income Tax Act 1970, in respect of the taxable income of that next preceding year is less than the amount of income tax that would have been assessed, in accordance with the Income Tax Act 1971, in respect of the taxable income of that next preceding year if the Income Tax Act 1971 had applied to the assessment of income tax in respect of the taxable income of that next preceding year; or

(b) in any other case—the provisional tax otherwise payable by the taxpayer shall be increased by the amount, if any, by which the amount of income tax that would have been assessed, in accordance with the Income Tax Act 1970, in respect of the taxable income of that next preceding year if the taxable income had been equal to the provisional income is less than the amount of income tax that would have been assessed, in accordance with the Income Tax Act 1971, in respect of the taxable income of that next preceding year—

(i) if the taxable income had been equal to the provisional income; and

(ii) if the Income Tax Act 1971 had applied to the assessment of income tax in respect of the taxable income of that next preceding year.”.

 

(b) Made under the Income Tax Assessment Act 1936-1971 on 18 November 1971; notified in the Commonwealth Gazette