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-K - How Commissioner works out your benchmark instalment rate and benchmark tax  

SECTION 45-365   WORKING OUT YOUR BENCHMARK TAX  

Benchmark tax if you had no withholding income

45-365(1)    
Your benchmark tax is your *adjusted assessed tax (worked out under section 45-375 ) on your *adjusted assessed taxable income (worked out under section 45-370 ) for the variation year.

Benchmark tax if you have no-TFN contributions income

45-365(1A)    

In working out the benchmark tax of a *complying superannuation fund, *non-complying superannuation fund or *RSA provider for the variation year, assume that the entity had no *no-TFN contributions income for the variation year and that the entity was not entitled to a *tax offset for the variation year under Subdivision 295-J of the Income Tax Assessment Act 1997 .

Benchmark tax if you had withholding income

45-365(2)    
However, your benchmark tax (as worked out under subsection (1)) is reduced if your assessable income for the variation year includes amounts in respect of *withholding payments.

45-365(3)    

It is reduced (but not below nil) by the sum of:

(a) the total amount of the credits to which you are entitled for the variation year under section 18-15 (for amounts withheld from withholding payments made to you during the variation year); and

(b) the total amount of the credits to which you are entitled for the variation year under section 18-27 (for amounts paid under Division 13 in respect of amounts included in your assessable income under section 86-15 of the Income Tax Assessment Act 1997 ).