The draft QWBA is an update of QB 19/03 and incorporates

• changes to the definition of ‘provisional taxpayer’ by increasing the RIT threshold from $2,500 or less to $5,000 or less
• changes to the use of money interest rules that prevent debit interest being imposed on late-paid or short-paid provisional tax paid by a safe-harbour taxpayer provided RIT is paid by the terminal tax date
• how to include one off income in a return of income such as: bright-line income, employee share scheme income, sale of a financial arrangement, other income, and
• the option of not making any provisional tax payments in the following year if the taxpayer is certain their RIT for that year will be nil.

CA ANZ supports the publication of the updated QWBA, which are useful for readers. CA ANZ recommends some aspects of the items be reviewed and clarified with additional references.