Working out final deduction for transitional financial year—employer other than the DGE for a group
148E Working out final deduction for transitional financial year—employer other than the DGE for a group
This section applies to an employer if—
the employer is required, under section 64, to lodge a final return for a final period; and
the employer is not the DGE for a group on the last day of the final period; and
all or part of the final period occurs in the second half of the transitional financial year.
Despite section 37, definition final deduction, the final deduction for the employer for the final period 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 part of the final period occurring in the first half of the transitional financial year for which the employer pays, or is liable to pay, wages.
B means the number of days in the part of the final period occurring in the second half of the transitional financial year for which the employer pays, or is liable to pay, wages.
C means the number of days in the transitional financial year.
D1 means the employer’s deduction (first half) in dollars.
FW1 means the amount of the employer’s final wages that are paid or payable for the part of the final period occurring in the first half of the transitional financial year.
IW1 means the amount of interstate wages paid or payable by the employer for the part of the final period occurring in 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 part of the final period occurring in the first half of the transitional financial year for which the employer pays, or is liable to pay, wages.
B means the number of days in the part of the final period occurring in the second half of the transitional financial year for which the employer pays, or is liable to pay, wages.
C means the number of days in the transitional financial year.
D2 means the employer’s deduction (second half) in dollars.
FW2 means the amount of the employer’s final wages that are paid or payable for the part of the final period occurring in the second half of the transitional financial year.
IW2 means the amount of interstate wages paid or payable by the employer for the part of the final period occurring in 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—
FW means the amount of the employer’s final wages for the final period.
FWhalf means the amount of final wages paid or payable by the employer—
in relation to the deduction (first half)—for the part of the final period occurring in the first half of the transitional financial year; or
in relation to the deduction (second half)—for the part of the final period occurring in the second half of the transitional financial year.
IW means the amount of interstate wages paid or payable by the employer for the final period.
IWhalf means the amount of interstate wages paid or payable by the employer—
in relation to the deduction (first half)—for the part of the final period occurring in the first half of the transitional financial year; or
in relation to the deduction (second half)—for the part of the final period occurring in the second half of the transitional financial year.
In this section—
final wages see section 37.
wages does not include foreign wages.
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