Working out annual deduction for transitional financial year—employer other than the DGE for a group
148C Working out annual deduction for transitional financial year—employer other than the DGE for a group
This section applies to an employer—
who is required, under section 63, to lodge an annual return for the transitional financial year; and
who is not the DGE for a group on 30 June 2023.
Despite section 29, definition annual deduction, the annual deduction for the employer for the transitional financial year is the greater of zero and the amount worked out by adding the deduction (first half) and deduction (second half) for the employer.
For subsection (2), the employer’s deduction (first half) is the amount worked out using the following formula—where—
A means the number of days in the first half of the transitional financial year for which the employer pays, or is liable to pay, wages, other than foreign wages.
AW1 means the amount of the employer’s annual wages that are paid or payable for the first half of the transitional financial year.
B means the number of days in the second half of the transitional financial year for which the employer pays, or is liable to pay, wages, other than foreign wages.
C means the number of days in the transitional financial year.
D1 means the employer’s deduction (first half) in dollars.
IW1 means the amount of interstate wages paid or payable by the employer for the first half of the transitional financial year.
K means 1,300,000.
X see subsection (5).
Also, for subsection (2), the employer’s deduction (second half) is the amount worked out using the following formula—where—
A means the number of days in the first half of the transitional financial year for which the employer pays, or is liable to pay, wages, other than foreign wages.
AW2 means the amount of the employer’s annual wages that are paid or payable for the second half of the transitional financial year.
B means the number of days in the second half of the transitional financial year for which the employer pays, or is liable to pay, wages, other than foreign wages.
C means the number of days in the transitional financial year.
D2 means the employer’s deduction (second half) in dollars.
IW2 means the amount of interstate wages paid or payable by the employer for the second half of the transitional financial year.
K means 1,300,000.
X see subsection (5).
For subsections (3) and (4), the amount for X is to be worked out using the following formula—where—
AW means the amount of the employer’s annual wages for the transitional financial year.
AWhalf means the amount of annual wages paid or payable by the employer—
in relation to the deduction (first half)—for the first half of the transitional financial year; or
in relation to the deduction (second half)—for the second half of the transitional financial year.
IW means the amount of interstate wages paid or payable by the employer for the transitional financial year.
IWhalf means the amount of interstate wages paid or payable by the employer—
in relation to the deduction (first half)—for the first half of the transitional financial year; or
in relation to the deduction (second half)—for the second half of the transitional financial year.
In this section—
annual wages see section 29(1).
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.