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 45-205   CHOOSING A VARIED INSTALMENT RATE  

45-205(1)    
You may choose an instalment rate for working out under section 45-110 the amount of your instalment for an *instalment quarter in an income year.

45-205(2)    
If you do so, you must use that instalment rate to work out the amount of that instalment. (You cannot later choose another instalment rate for working out that amount.)

Note 1:

If choosing a rate leads you to pay an instalment that is too low, you may be liable to general interest charge under section 45-230 .

Note 2:

If you choose a rate under this section, you must use it even if the Commissioner later gives you a new instalment rate.

45-205(3)    
You must also use that instalment rate to work out the amount of the instalment that you are liable to pay for each later *instalment quarter in that income year, unless you choose another instalment rate under subsection (1) for working out that amount.

Note 1:

If you choose a rate under this section, you must use it even if the Commissioner later gives you a new instalment rate.

Note 2:

If a rate you have chosen for an instalment quarter is not appropriate for a later instalment quarter in the same income year, you should choose another rate under subsection (1) for the later quarter. If the earlier rate is too low, you may be liable to general interest charge under section 45-230 .

45-205(4)    
However, for working out under section 45-110 the amount of your instalment for an *instalment quarter in a later income year, you must use the most recent instalment rate given to you by the Commissioner before the end of that quarter, unless you again choose another instalment rate under subsection (1).

45-205(5)    

Subsection (6) applies if you are a monthly payer.

45-205(6)    

Treat the references in subsections (1) and (4) to section 45-110 as instead being references to section 45-114 .