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 45-412   WORKING OUT AMOUNT OF INSTALMENT - PAYERS OF 2 QUARTERLY INSTALMENTS  

45-412(1)  
This section applies if you are a *quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax at the end of an *instalment quarter in an income year.

45-412(2)  
If you are liable to pay an instalment for that quarter, the amount of that instalment for the purposes of paragraph 45-112(1)(b) or (c) 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 .

Instalment for third quarter

45-412(3)  
Subject to subsections (5) to (9), the amount of the instalment for the third *instalment quarter in that year is 75% of the estimate of your *benchmark tax. Instalment for fourth quarter

45-412(4)  
Subject to subsections (5) to (9), the amount of the instalment for the fourth *instalment quarter in that year is worked out by subtracting:


(a) the amount of your instalment for the earlier instalment quarter in that year;

from:


(b) the estimate of your *benchmark tax. You receive instalment rate for the first time in second quarter

45-412(5)  
If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in the income year, the amount of the instalment for the third *instalment quarter in that year is 50% of the estimate of your *benchmark tax.

45-412(6)  
If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting:


(a) the amount of your instalment for the earlier instalment quarter in that year;

from:


(b) 75% of the estimate of your *benchmark tax. You receive instalment rate for the first time in third quarter

45-412(7)  
If the Commissioner gives you an instalment rate for the first time during the third *instalment quarter in the income year, the amount of the instalment for the third instalment quarter in that year is 25% of the estimate of your *benchmark tax.

45-412(8)  
If the Commissioner gives you an instalment rate for the first time during the third *instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting:


(a) the amount of your instalment for the earlier instalment quarter in that year;

from:


(b) 50% of the estimate of your *benchmark tax. You receive instalment rate for the first time in fourth quarter

45-412(9)  
If the Commissioner gives you an instalment rate for the first time during the fourth *instalment quarter in the income year, the amount of the instalment for that quarter is 25% of the estimate of your *benchmark tax.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.