Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
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:
For the purposes of the formula in subsection (1):
Note: See section 3AA .
Chapter 2 - Collection, recovery and administration of income tax
PART 2-10
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PAY AS YOU GO (PAYG) INSTALMENTS
Division 45
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Instalment payments
Subdivision 45-K
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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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