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-L - How Commissioner works out amount of quarterly instalment on basis of GDP-adjusted notional tax  

SECTION 45-402   WORKING OUT AMOUNT OF INSTALMENT - PAYERS OF 2 QUARTERLY INSTALMENTS  

45-402(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 (the current year ).

45-402(2)  
If you are liable to pay an instalment for that *instalment quarter, the amount of that instalment which the Commissioner must work out and notify to you under paragraph 45-112(1)(a) is:


(a) the amount worked out in accordance with this section if it is positive; or


(b) otherwise - nil. Amount of instalment

45-402(3)  
Subject to subsections (4) to (6), the amount of that instalment is worked out in accordance with the following table:


Amount of quarterly instalment
Item If the *instalment quarter is: the amount of the instalment is:
1 the third *instalment quarter in the income year 75% of your *GDP-adjusted notional tax
2 the fourth *instalment quarter in the income year 100% of your *GDP-adjusted notional tax, reduced by your instalment for earlier instalment quarter in that income year

You receive instalment rate for the first time in second quarter

45-402(4)  
If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in that income year, the amount of the instalment is worked out in accordance with the following table:


Amount of quarterly instalment
Item If the *instalment quarter is: the amount of the instalment is:
1 the third *instalment quarter in the income year 50% of your *GDP-adjusted notional tax
2 the fourth *instalment quarter in the income year 75% of your *GDP-adjusted notional tax, reduced by your instalment for the earlier instalment quarter in that income year

You receive instalment rate for the first time in third quarter

45-402(5)  
If the Commissioner first gives you an instalment rate during the third *instalment quarter in that income year, the amount of the instalment is worked out in accordance with the following table:


Amount of quarterly instalment
Item If the *instalment quarter is: the amount of the instalment is:
1 the third *instalment quarter in the income year 25% of your *GDP-adjusted notional tax
2 the fourth *instalment quarter in the income year 50% of your *GDP-adjusted notional tax, reduced by your instalment for the earlier instalment quarter in that income year

You receive instalment rate for the first time in fourth quarter

45-402(6)  
If the Commissioner first gives you an instalment rate during the fourth *instalment quarter in that income year, the amount of the instalment must be equal to 25% of your *GDP-adjusted notional tax.




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