sec.18Working out monthly payments for quarterly return period generally

sec.18 Working out monthly payments for quarterly return period generally

This section prescribes, for section 16 (1) , the amounts payable by a person for the first and second months of a return period (the current return period ). See, however, section 20 . The amount payable by the person for each of the first and second months of the current return period is a third of the total amount of the royalty payable by the person under the Act for the previous return period— taking into account any assessment under the Taxation Administration Act 2001 for the royalty payable for the previous return period, made before the earlier of the following events happens— the amount for the first month of the current return period is paid; the amount for the first month of the current return period becomes payable; and disregarding any assessment under the Taxation Administration Act 2001 for the royalty payable for the previous return period, made when, or after, the earlier of the events mentioned in paragraph (a) happens. The royalty paid for the previous return period was $90,000. A reassessment for the previous return period was made by the revenue commissioner under the Taxation Administration Act 2001 to increase the royalty payable for the previous return period to $120,000. The reassessment was made before the amount payable for the first month of the return period is paid or becomes payable (whichever is the earlier). Accordingly, the amount payable under this section for the first month and second month of the return period is $40,000 (being a third of $120,000). (sec.18-ssec.1) This section prescribes, for section 16 (1) , the amounts payable by a person for the first and second months of a return period (the current return period ). See, however, section 20 . (sec.18-ssec.2) The amount payable by the person for each of the first and second months of the current return period is a third of the total amount of the royalty payable by the person under the Act for the previous return period— taking into account any assessment under the Taxation Administration Act 2001 for the royalty payable for the previous return period, made before the earlier of the following events happens— the amount for the first month of the current return period is paid; the amount for the first month of the current return period becomes payable; and disregarding any assessment under the Taxation Administration Act 2001 for the royalty payable for the previous return period, made when, or after, the earlier of the events mentioned in paragraph (a) happens. The royalty paid for the previous return period was $90,000. A reassessment for the previous return period was made by the revenue commissioner under the Taxation Administration Act 2001 to increase the royalty payable for the previous return period to $120,000. The reassessment was made before the amount payable for the first month of the return period is paid or becomes payable (whichever is the earlier). Accordingly, the amount payable under this section for the first month and second month of the return period is $40,000 (being a third of $120,000).