Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
If you choose under paragraph 45-112(1)(b) to work out the amount of your instalment for an *instalment quarter in an income year on the basis of your estimate of your *benchmark tax for that income year, you must make the estimate on or before the day on which the instalment is due (disregarding subsection 45-112(3) ). 45-415(2)
Having done so, you must use that estimate to work out the amount of that instalment. (You cannot later make another estimate for working out that amount.)
If your estimate leads you to pay an instalment that is too low, you may be liable to general interest charge under section 45-232 .45-415(3)
The Commissioner must also use that estimate to work out under this Subdivision the amount of each instalment:
(a) that you are liable to pay for a later *instalment quarter in that income year; and
(b) whose amount he or she must notify to you under paragraph 45-112(1)(c) ;
unless a later application of this subsection requires him or her to use a later estimate you make under subsection (1) of this section.
This means that if an estimate you have made is not appropriate for a later instalment quarter in the same income year, you should choose under paragraph 45-112(1)(b) to work out the amount of your instalment for that later quarter on the basis of a new estimate under this section. If the instalment that the Commissioner works out on the basis of the earlier estimate is too low, you may be liable to general interest charge under section 45-232 .