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-J - How Commissioner works out your instalment rate and notional tax  

SECTION 45-320   WORKING OUT INSTALMENT RATE  

45-320(1)  


Except as provided by section 45-775 , an instalment rate that the Commissioner gives you must be the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:


Your *notional tax × 100
Base assessment instalment income

However, the instalment rate must be a nil rate if either component of the formula is nil.

45-320(2)  
For the purposes of the formula in subsection (1):

base assessment instalment income
means so much of your assessable income, as worked out for the purposes of the *base assessment, as the Commissioner determines is *instalment income for the *base year.

45-320(3)  
The base assessment is the latest assessment for your most recent income year for which an assessment has been made. However, if the Commissioner is satisfied that there is a later income year for which you do not have a taxable income, the base assessment is the latest return or other information from which an assessment for that income year would have been made.

45-320(4)  
The base year is the income year to which the *base assessment relates.

45-320(5)  
When the Commissioner gives you the instalment rate, he or she must also notify you of the amount of your *notional tax, as worked out for the purposes of working out the instalment rate.

45-320(6)  
(Repealed by No 81 of 2016)


 

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