sec.16When and how royalty payable—quarterly return period

sec.16 When and how royalty payable—quarterly return period

Subject to sections 15 and 17 , the royalty payable by a person under the Act for a return period that is a quarterly return period is payable as follows— instalment 1 is payable on the last business day of the second month of the return period; instalment 2 is payable on the last business day of the third month of the return period; under the Taxation Administration Act 2001 , section 30 (1) (a) , instalment 3 is payable on the day a royalty return must be lodged for the return period. A person must lodge an approved form for a payment under subsection (1) when the payment is made. In this section— instalment 1 , for a quarterly return period, means— the amount payable by the person for the first month of the return period worked out under section 18 ; or if an election under section 20 (3) applies for the first month of the return period—the amount payable by the person for the first month worked out under section 20 (5) (a) . instalment 2 , for a quarterly return period, means— the amount payable by the person for the second month of the return period worked out under section 18 ; or if an election under section 20 (3) applies for the second month of the return period—the amount payable by the person for the second month worked out under section 20 (5) (b) . instalment 3 , for a quarterly return period, means— if the sum of instalment 1 and instalment 2 for the return period (the sum ) is less than the royalty payable by the person under the Act for the return period (the total royalty )—the amount of the total royalty less the sum; or otherwise—zero. (sec.16-ssec.1) Subject to sections 15 and 17 , the royalty payable by a person under the Act for a return period that is a quarterly return period is payable as follows— instalment 1 is payable on the last business day of the second month of the return period; instalment 2 is payable on the last business day of the third month of the return period; under the Taxation Administration Act 2001 , section 30 (1) (a) , instalment 3 is payable on the day a royalty return must be lodged for the return period. (sec.16-ssec.2) A person must lodge an approved form for a payment under subsection (1) when the payment is made. (sec.16-ssec.3) In this section— instalment 1 , for a quarterly return period, means— the amount payable by the person for the first month of the return period worked out under section 18 ; or if an election under section 20 (3) applies for the first month of the return period—the amount payable by the person for the first month worked out under section 20 (5) (a) . instalment 2 , for a quarterly return period, means— the amount payable by the person for the second month of the return period worked out under section 18 ; or if an election under section 20 (3) applies for the second month of the return period—the amount payable by the person for the second month worked out under section 20 (5) (b) . instalment 3 , for a quarterly return period, means— if the sum of instalment 1 and instalment 2 for the return period (the sum ) is less than the royalty payable by the person under the Act for the return period (the total royalty )—the amount of the total royalty less the sum; or otherwise—zero.