TAXATION ADMINISTRATION ACT 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
The amount of an instalment you are liable to pay for the 2002-03 income year or a later income year is whichever of the following you choose:
(a) the amount worked out using the formula:
|*Commissioner ' s instalment rate||×||Your *instalment income
for the income year
(b) your most recent *notional tax notified by the Commissioner before the end of the income year;
(c) the amount that you estimate will be your *benchmark tax for the income year.
You cannot choose a different instalment rate under Subdivision 45-F if you are an annual payer. Instead you can work out the amount of your instalment under paragraph (c).
You may be liable to general interest charge under section 45-235 if working out your instalment under paragraph (c) leads you to pay an instalment that is less than 85% of your benchmark tax for the income year (worked out by the Commissioner under section 45-365 ).
Commissioner ' s instalment rate for an income year means the most recent instalment rate given to you by the Commissioner before the end of the income year. 45-115(3)
If you choose to work out your instalment under paragraph (1)(c), you must notify the Commissioner, in the *approved form, of the amount of the instalment on or before the day when it is due.