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-F - Varying the instalment rate for quarterly or monthly payers who pay on the basis of instalment income  

SECTION 45-215   CREDIT ON USING VARIED RATE IN CERTAIN CASES  

45-215(1)  
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.

Method statement

Step 1.

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).


Step 2.

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.


Step 3.

Multiply the total of your *instalment income for those earlier *instalment quarters by the instalment rate to be used for the current quarter.


Step 4.

Subtract the step 3 amount from the step 2 amount.


Step 5.

If the result is a positive amount, it is the amount of the credit you can claim.

45-215(2)  
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.

Note:

How the credit is applied is set out in Division 3 of Part IIB .

45-215(3)  
The credit entitlement does not affect your liability to pay an instalment.


 

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