Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
PART 2-10
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PAY AS YOU GO (PAYG) INSTALMENTS
Division 45
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Instalment payments
Subdivision 45-L
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How Commissioner works out amount of quarterly instalment on basis of GDP-adjusted notional tax
SECTION 45-400
WORKING OUT AMOUNT OF INSTALMENT
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PAYERS OF 4 QUARTERLY INSTALMENTS
Scope
45-400(1)
This section applies if you are a *quarterly payer who pays 4 instalments annually on the basis of GDP-adjusted notional tax at the end of an *instalment quarter in an income year (the current year ).
Working out amount of instalment
45-400(2)
The amount of your instalment for that *instalment quarter which the Commissioner must work out and notify to you under paragraph 45-112(1)(a) is:
(a) the amount worked out in accordance with the table if it is positive; or
(b) otherwise - nil.
Amount reduced in circumstances specified by regulations
45-400(3)
In the circumstances (if any) specified by the regulations, the amount worked out in accordance with the table in subsection (2) is reduced by the amount worked out under the regulations.
45-400(4)
Without limiting subsection (3), the regulations may specify circumstances by:
(a) specifying the particular *instalment quarter to which the reduction applies; or
(b) specifying the kind of payers to whom the reduction applies.
45-400(5)
In working out, under subsection (2), the amount of your instalment for an *instalment quarter in an income year, assume that there had not been any reductions under subsection (3) for earlier instalment quarters in that year.
45-400(6)
(Repealed by No 27 of 2009)
45-400(7)
(Repealed by No 27 of 2009)
View history note
Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxScope
45-400(1)
This section applies if you are a *quarterly payer who pays 4 instalments annually on the basis of GDP-adjusted notional tax at the end of an *instalment quarter in an income year (the current year ).
Working out amount of instalment
45-400(2)
The amount of your instalment for that *instalment quarter which the Commissioner must work out and notify to you under paragraph 45-112(1)(a) is:
(a) the amount worked out in accordance with the table if it is positive; or
(b) otherwise - nil.
| Amount of quarterly instalment worked out on basis of GDP-adjusted notional tax | ||
| Item | If the instalment quarter is: | The amount of the instalment is: |
| 1 | the first in that income year for which you are liable to pay an instalment | 25% of your *GDP-adjusted notional tax |
| 2 | the second in that income year for which you are liable to pay an instalment | 50% of your *GDP-adjusted notional tax, reduced by the amount of your instalment for the earlier *instalment quarter in that income year |
| 3 | the third in that income year for which you are liable to pay an instalment | 75% of your *GDP-adjusted notional tax, reduced by the total of your instalments for earlier *instalment quarters in that income year |
| 4 | the fourth in that income year for which you are liable to pay an instalment | 100% of your *GDP-adjusted notional tax, reduced by the total of your instalments for earlier *instalment quarters in that income year |
Note:
Your instalments for earlier instalment quarters may have been worked out on a basis other than GDP-adjusted notional tax.
Amount reduced in circumstances specified by regulations
45-400(3)
In the circumstances (if any) specified by the regulations, the amount worked out in accordance with the table in subsection (2) is reduced by the amount worked out under the regulations.
45-400(4)
Without limiting subsection (3), the regulations may specify circumstances by:
(a) specifying the particular *instalment quarter to which the reduction applies; or
(b) specifying the kind of payers to whom the reduction applies.
45-400(5)
In working out, under subsection (2), the amount of your instalment for an *instalment quarter in an income year, assume that there had not been any reductions under subsection (3) for earlier instalment quarters in that year.
45-400(6)
(Repealed by No 27 of 2009)
45-400(7)
(Repealed by No 27 of 2009)
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