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-C - Working out instalment amounts  

SECTION 45-114   HOW TO WORK OUT AMOUNT OF MONTHLY INSTALMENT  

45-114(1)    
Work out the amount of an instalment you are liable to pay for an *instalment month as follows if, at the end of that instalment month, you are a *monthly payer:

Applicable instalment rate

×

Your *instalment income for that instalment month

45-114(2)    
For the purposes of the formula in subsection (1):

applicable instalment rate
means:

(a) unless paragraph (b) or (c) applies - the most recent instalment rate given to you by the Commissioner under section 45-15 before the end of that month; or

(b) if you have chosen an instalment rate for that month under section 45-205 - that rate; or

(c) if you have chosen an instalment rate under section 45-205 for an earlier *instalment month in that income year (and paragraph (b) does not apply) - that rate.

Note:

If you believe the Commissioner ' s rate is not appropriate for the current income year, you may choose a different instalment rate under Subdivision 45-F .

45-114(3)    
The Commissioner may, by legislative instrument, determine one or more specified additional methods by which a specified class of entity that is a *monthly payer at the end of an *instalment month may work out, in specified circumstances, the amount of an instalment that it is liable to pay for the instalment month.

Note:

For specification by class, see subsection 13(3) of the Legislation Act 2003 .

45-114(4)    
You may choose a method specified in the determination:

(a) unless paragraph (b) applies - for any *instalment month; or

(b) if the determination provides that that method can be chosen only for the first instalment month in an *instalment quarter - for the first instalment month in an instalment quarter.

45-114(5)    
The determination may provide that an entity that chooses a method in accordance with paragraph (4)(b) for the first *instalment month in an *instalment quarter is taken to have chosen that method under subsection (4) for the other instalment months in that quarter. The determination has effect accordingly.

45-114(6)    
Subsection (7) applies if:

(a) the Commissioner has made a determination under subsection (3); and

(b) at the end of an *instalment month, you are a *monthly payer; and

(c) you choose under subsection (4), for that month:

(i) if the determination specifies one additional method to work out that amount - that method; or

(ii) if the determination specifies more than one additional method to work out that amount - one of those methods.

45-114(7)    
Despite subsection (1), work out the amount of an instalment you are liable to pay for that *instalment month in accordance with the method that you chose for that month under subsection (4).