TAXATION ADMINISTRATION ACT 1953 [ARCHIVE]
Unless subsection (2) applies, the amount of an annual instalment you are liable to pay for the 2000-01 or 2001-02 income year is whichever of the following you choose:
(a) your most recent *notional tax notified by the Commissioner at least 30 days before the day on which the instalment is due;
(b) the amount that you estimate will be your *benchmark tax for the income year.
You may be liable to general interest charge under section 45-235 if working out your instalment under paragraph (b) leads you to pay an instalment that is less than 85% of your benchmark tax for the income year (worked out by the Commissioner under section 45-365 ).45-175(2)
If an entity is an instalment taxpayer (as defined by subsection 221AZK(1) of the Income Tax Assessment Act 1936 ) for the 2000-01 or 2001-02 income year, the amount of an annual instalment that the entity is liable to pay for that income year is worked out under section 45-115 , as if that section applied to that income year.
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