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-N - How this Part applies to the trustee of a trust  

How Commissioner works out benchmark instalment rate and benchmark tax for a multi-rate trustee

SECTION 45-535   WORKING OUT YOUR BENCHMARK TAX  

Benchmark tax if no withholding income

45-535(1)    
Your benchmark tax is your *adjusted assessed tax (worked out under section 45-375 ) on the *reduced beneficiary ' s share, or the *reduced no beneficiary ' s share, as appropriate, of the net income of the trust for the variation year.

Benchmark tax if you had withholding income

45-535(2)    
However, your benchmark tax (as worked out under subsection (1)) is reduced if the trust ' s assessable income for the variation year includes amounts in respect of *withholding payments.

45-535(3)    
It is reduced (but not below nil) by the total amount of the credits to which you are entitled for the variation year under section 18-25 (for amounts withheld from the withholding payments).