Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
Work out the amount of an instalment you are liable to pay for an *instalment month as follows if, at the end of that instalment month, you are a *monthly payer:
|Applicable instalment rate||×||Your *instalment income
for that instalment month
For the purposes of the formula in subsection (1):
(a) unless paragraph (b) or (c) applies - the most recent instalment rate given to you by the Commissioner under section 45-15 before the end of that month; or
(b) if you have chosen an instalment rate for that month under section 45-205 - that rate; or
(c) if you have chosen an instalment rate under section 45-205 for an earlier *instalment month in that income year (and paragraph (b) does not apply) - that rate.
If you believe the Commissioner ' s rate is not appropriate for the current income year, you may choose a different instalment rate under Subdivision 45-F .45-114(3)
The Commissioner may, by legislative instrument, determine one or more specified additional methods by which a specified class of entity that is a *monthly payer at the end of an *instalment month may work out, in specified circumstances, the amount of an instalment that it is liable to pay for the instalment month.
For specification by class, see subsection 13(3) of the Legislation Act 2003 .
You may choose a method specified in the determination:
(a) unless paragraph (b) applies - for any *instalment month; or
(b) if the determination provides that that method can be chosen only for the first instalment month in an *instalment quarter - for the first instalment month in an instalment quarter. 45-114(5)
The determination may provide that an entity that chooses a method in accordance with paragraph (4)(b) for the first *instalment month in an *instalment quarter is taken to have chosen that method under subsection (4) for the other instalment months in that quarter. The determination has effect accordingly. 45-114(6)
Subsection (7) applies if:
(a) the Commissioner has made a determination under subsection (3); and
(b) at the end of an *instalment month, you are a *monthly payer; and
(c) you choose under subsection (4), for that month:
(i) if the determination specifies one additional method to work out that amount - that method; or
(ii) if the determination specifies more than one additional method to work out that amount - one of those methods.
Despite subsection (1), work out the amount of an instalment you are liable to pay for that *instalment month in accordance with the method that you chose for that month under subsection (4).