Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
You are entitled to claim a credit if:
(a) the amount of your instalment for an *instalment quarter (the current quarter ) in an income year is to be worked out using an instalment rate you chose under section 45-205 ; and
(b) that rate is lower than the instalment rate you used to work out the amount of your instalment for the previous instalment quarter (if any) in the same income year; and
(c) the amount worked out using the method statement is greater than nil.
Add up the instalments you are liable to pay for the earlier *instalment quarters in the income year (even if you have not yet paid all of them).
Subtract from the step 1 amount each earlier credit that you have claimed under this section or section 45-420 in respect of the income year.
Multiply the total of your *instalment income for those earlier *instalment quarters by the instalment rate to be used for the current quarter.
Subtract the step 3 amount from the step 2 amount.
If the result is a positive amount, it is the amount of the credit you can claim.
A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.
The credit entitlement does not affect your liability to pay an instalment.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.