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TAX LAWS AMENDMENT (2009 MEASURES NO. 1) ACT 2009 (NO. 27, 2009) - SCHEDULE 1

PAYG instalment reduction for small businesses etc.

Part 1 -- Main amendments

Taxation Administration Act 1953

1  Before subsection 45‑400(1) in Schedule 1

Insert:

Scope

2  Before subsection 45‑400(2) in Schedule 1

Insert:

Working out amount of instalment

3  At the end of section 45‑400 in Schedule 1

Add:

Amount reduced in circumstances specified by regulations

             (3)  In the circumstances (if any) specified by the regulations, the amount worked out in accordance with the table in subsection (2) is reduced by the amount worked out under the regulations.

             (4)  Without limiting subsection (3), the regulations may specify circumstances by:

                     (a)  specifying the particular * instalment quarter to which the reduction applies; or

                     (b)  specifying the kind of payers to whom the reduction applies.

             (5)  In working out, under subsection (2), the amount of your instalment for an * instalment quarter in an income year, assume that there had not been any reductions under subsection (3) for earlier instalment quarters in that year.

December 2008 reduction for small business entities

             (6)  If 31 December 2008 occurs in an * instalment quarter in an income year, the amount worked out in accordance with the table in subsection (2) for the instalment quarter is reduced by 20% if you are:

                     (a)  a * small business entity for the 2007‑08 or 2008‑09 income year; or

                     (b)  a partner of a partnership that is a small business entity for the 2007‑08 or 2008‑09 income year; or

                     (c)  a beneficiary of a trust that is a small business entity for the 2007‑08 or 2008‑09 income year.

             (7)  In working out, under subsection (2), the amount of your instalment for a later * instalment quarter in the income year, assume that the reduction under subsection (6) had not happened.


 

Part 2 -- Sunsetting on 1 July 2013

Taxation Administration Act 1953

4  Subsections 45‑400(6) and (7) in Schedule 1

Repeal the subsections.


 

Part 3 -- Application

5  Application

The amendments made by Part 1 of this Schedule apply in relation to instalment quarters in:

                     (a)  the 2007‑08 income year; and

                     (b)  later income years.


 



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