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I am carrying on an eligible primary production business and I have chosen the GDP-adjusted notional tax option. How much do I pay for each payment?

April 26, 2017Business carrying chosen eligible gdp-adjusted notional option primary production tax

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I am carrying on an eligible primary production business and I have chosen the GDP-adjusted notional tax option. How much do I pay for each payment?

1 Answer

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For the first two quarters you are not required to make a payment. The third quarter payment is 75% of your GDP-adjusted notional tax. The fourth quarter payment is 100% of your GDP-adjusted notional tax, reduced by your instalment for the earlier quarter.