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-K - How Commissioner works out your benchmark instalment rate and benchmark tax  

SECTION 45-360   HOW COMMISSIONER WORKS OUT BENCHMARK INSTALMENT RATE  

45-360(1)  
Your benchmark instalment rate for the variation year is the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:


Your *benchmark tax × 100
Variation year instalment income

However, your benchmark instalment rate is a nil rate if either component of the formula is nil.

45-360(2)  
For the purposes of the formula in subsection (1):

variation year instalment income
means so much of your assessable income for the variation year as the Commissioner determines is *instalment income for that year.




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