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-C - Working out instalment amounts  

SECTION 45-110   HOW TO WORK OUT AMOUNT OF QUARTERLY INSTALMENT ON INSTALMENT INCOME BASIS  

45-110(1)  


Work out the amount of an instalment you are liable to pay for an *instalment quarter as follows if, at the end of that instalment quarter, you are a *quarterly payer who pays on the basis of instalment income:

Applicable instalment rate × Your *instalment income for that quarter

45-110(2)  
For the purposes of the formula in subsection (1):

Applicable instalment rate
means:


(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 quarter; or


(b) if you have chosen an instalment rate for that quarter under section 45-205 - that rate; or


(c) if you have chosen an instalment rate under section 45-205 for an earlier *instalment quarter in that income year (and paragraph (b) does not apply) - that rate.

Note:

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 .




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