21JAnnual adjustments

21J Annual adjustments

(1) This section applies in relation to a group at least one member of which paid or was liable to pay taxable wages or interstate wages for the whole of a financial year. (1A) This section does not apply in relation to the financial year commencing on 1 July 1987 or any subsequent financial year. (2) A reference in this section to the annual amount of tax paid or payable by the members of a group in respect of a financial year is a reference to the amount ascertained by applying the appropriate rate or rates of tax prescribed by the Pay‑roll Tax (Territories) Act 1971 to the amount calculated in accordance with the formula Image unavailable in extracted text where: A is the total amount of the taxable wages paid or payable by the members of the group during the financial year; and B is so much of the deductible amount (if any) in relation to the group in relation to the financial year as does not exceed the total amount of taxable wages paid or payable by the members of the group during the financial year. (3) A reference in this section to the actual amount of tax paid or payable in respect of a financial year by the members of a group is a reference to the amount of tax referred to in section 10 that is payable by members of the group in respect of taxable wages paid or payable during that year. (4) Where the actual amount of tax paid or payable in respect of a financial year by the members of a group exceeds the annual amount of tax paid or payable by the members of that group in respect of thatyear, the Commissioner shall, upon application made before the end of the next succeeding financial year by the person who is the designated group employer in respect of the group on 30 June in the first‑mentioned financial year: (a) refund to the person the amount of the excess; or (b) apply the amount of the excess against any liability of the person to the Commonwealth, being a liability arising under, or by virtue of, this Act or any other Act of which the Commissioner has the general administration, and refund any part of the amount not so applied. (5) Where the annual amount of tax paid or payable in respect of a financial year by the members of a group exceeds the actual amount of tax paid or payable in respect of that year by the members of the group: (a) the person who is the designated group employer in respect of that group on 30 June in that year; and (b) the members of the group who paid or were liable to pay taxable wages during that year; are jointly and severally liable to pay, in addition to tax referred to in section 10, tax equal to the amount of the excess, being tax in respect of those wages.