Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

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History

Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

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History

Ch 2 title inserted by No 73 of 2006 , s 3 and Sch 5 item 40, effective 1 July 2006.

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

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Pt 2-10 applies to the 2000/2001 income year and later income years. If the Commissioner gives an entity an instalment rate before the start of the 2000/2001 income year, s 45-50 applies as if the rate had been given on the first day of that income year.

Division 45 - Instalment payments  

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Subdivision 45-K - How Commissioner works out your benchmark instalment rate and benchmark tax  

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SECTION 45-360   HOW COMMISSIONER WORKS OUT BENCHMARK INSTALMENT RATE  

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45-360(1)    
Your benchmark instalment rate for the variation year is the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:

	Your *benchmark tax	× 100
	Variation year instalment income

However, your benchmark instalment rate is a nil rate if either component of the formula is nil.

45-360(2)    
For the purposes of the formula in subsection (1):

variation year instalment income
means so much of your assessable income for the variation year as the Commissioner determines is *instalment income for that year.

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