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-N - How this Part applies to the trustee of a trust  

How Commissioner works out instalment rate and notional tax for a multi-rate trustee

SECTION 45-475   WORKING OUT YOUR NOTIONAL TAX  

Notional tax if no withholding income

45-475(1)    
Your notional tax is your *adjusted tax (worked out under section 45-340 ) on your *adjusted taxable income (worked out under section 45-480 ) for the *base year.

Notional tax if trust has withholding income

45-475(2)    
However, your notional tax (as worked out under subsection (1)) is reduced if the trust ' s assessable income for the *base assessment includes amounts in respect of *withholding payments (except *non-quotation withholding payments).

45-475(3)    
It is reduced (but not below nil) by your *adjusted tax (worked out under section 45-340 ) on your *adjusted withholding income (worked out under section 45-485 ) for the *base year.

Commissioner may take into account actual and proposed changes to the law

45-475(4)    
Subsections 45-325(4) and (5) apply for the purposes of working out your *notional tax under this section.