(Clauses 37, 38 and 39)
Summary of proposed amendments
The bill proposes that AIM provisional tax payments be excluded from tax pooling provisions.
The proposed amendments will apply for the 2018–19 and later income years.
Section RP 17 of the Income Tax Act 2007 is being amended to exclude AIM from the tax pooling provisions. This is based on the premise that tax pooling is intended in circumstances where a taxpayer faces uncertainty and AIM is based on known amounts.