Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-M - How amount of quarterly instalment is worked out on basis of your estimate of your benchmark tax  

SECTION 45-410   WORKING OUT AMOUNT OF INSTALMENT - PAYERS OF 4 QUARTERLY INSTALMENTS  

45-410(1A)  


This section applies if you are a *quarterly payer who pays 4 instalments annually on the basis of GDP-adjusted notional tax at the end of an *instalment quarter in an income year (the current year ).

45-410(1)  


For the purposes of paragraph 45-112(1)(b) or (c) , the amount of your instalment for that *instalment quarter in an income year is:


(a) the amount worked out, in accordance with this section, on the basis of the estimate of your *benchmark tax for that income year that section 45-415 requires to be used, if that amount is positive; or


(b) otherwise - nil.

Note:

If the amount is negative, you can claim a credit under section 45-420 .

First instalment quarter

45-410(2)  
If the *instalment quarter is the first in that income year for which you are liable to pay an instalment, the amount is 25% of the estimate of your *benchmark tax. Second instalment quarter

45-410(3)  
If the *instalment quarter is the second in that income year for which you are liable to pay an instalment, the amount is worked out by subtracting:

  • · the amount of your instalment under section 45-112 for the earlier *instalment quarter in that income year;
  • from:

  • · 50% of the estimate of your *benchmark tax.
  • Third instalment quarter

    45-410(4)  
    If the *instalment quarter is the third in that income year for which you are liable to pay an instalment, the amount is worked out using this method statement. Method statement


    Step 1.

    The total of your instalments under section 45-112 for earlier *instalment quarters in that income year is subtracted from 75% of the estimate of your *benchmark tax.


    Step 2.

    If you were entitled to claim a credit under section 45-420 for the second of those earlier *instalment quarters, the amount of the credit is added to the step 1 amount.

    Fourth instalment quarter

    45-410(5)  
    If the *instalment quarter is the fourth in that income year for which you are liable to pay an instalment, the amount is worked out using this method statement. Method statement


    Step 1.

    The total of your instalments under section 45-112 for earlier *instalment quarters in that income year is subtracted from the estimate of your *benchmark tax.


    Step 2.

    For each credit that you were entitled to claim under section 45-420 for any of those earlier *instalment quarters, the amount of the credit is added to the step 1 amount.




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