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 45-115   HOW TO WORK OUT AMOUNT OF ANNUAL INSTALMENT  

45-115(1)    

The amount of an instalment you are liable to pay for the 2002-03 income year or a later income year is whichever of the following you choose:

(a) the amount worked out using the formula:

*Commissioner ' s instalment rate

×

Your *instalment income   for the income year

(b) your most recent *notional tax notified by the Commissioner before the end of the income year;

(c) the amount that you estimate will be your *benchmark tax for the income year.

Note 1:

You cannot choose a different instalment rate under Subdivision 45-F if you are an annual payer. Instead you can work out the amount of your instalment under paragraph (c).

Note 2:

You may be liable to general interest charge under section 45-235 if working out your instalment under paragraph (c) leads you to pay an instalment that is less than 85% of your benchmark tax for the income year (worked out by the Commissioner under section 45-365 ).

45-115(2)    
Commissioner ' s instalment rate for an income year means the most recent instalment rate given to you by the Commissioner before the end of the income year.

45-115(3)    
If you choose to work out your instalment under paragraph (1)(c), you must notify the Commissioner, in the *approved form, of the amount of the instalment on or before the day when it is due.