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 45-112   AMOUNT OF INSTALMENT FOR QUARTERLY PAYER WHO PAYS ON BASIS OF GDP-ADJUSTED NOTIONAL TAX  

45-112(1)  


If, at the end of an *instalment quarter in an income year, you are a *quarterly payer who pays on the basis of GDP-adjusted notional tax who is liable to pay an instalment for that quarter, the amount of your instalment for that quarter is:


(a) unless paragraph (b) or (c) applies - the amount that the Commissioner works out under Subdivision 45-L , and notifies to you, as the amount of the instalment; or


(b) if you choose to work out the amount of the instalment on the basis of your estimate of your *benchmark tax for that income year, and you notify the Commissioner in accordance with subsection (2) - the amount worked out under Subdivision 45-M ; or


(c) if paragraph (b) applied to your instalment for an earlier *instalment quarter in that income year - the amount that the Commissioner works out under Subdivision 45-M , and notifies to you, as the amount of the instalment.

45-112(2)  


If the amount of the instalment is worked out under paragraph (1)(b) on the basis of your estimate of your *benchmark tax for the income year, you must notify the Commissioner in the *approved form, on or before the day when the instalment is due (disregarding subsection (3)), of the amount of that estimate.

45-112(3)  


If:


(a) after the end of an *instalment quarter the Commissioner notifies you of an amount as the amount of your instalment for that quarter; and


(b) the amount of your instalment for that quarter is not worked out under paragraph (1)(b);

the instalment is due on or before the 21st day after the day on which the notice is given.


 

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