Taxation Administration Act 1953
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Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxThis section applies if you are a *quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax at the end of an *instalment quarter in an income year (the current year ).
45-402(2)
If you are liable to pay an instalment for that *instalment quarter, the amount of that instalment 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 this section if it is positive; or
(b) otherwise - nil.
Amount of instalment
45-402(3)
Subject to subsections (4) to (6), the amount of that instalment is worked out in accordance with the following table:
| Amount of quarterly instalment | ||
| Item | If the *instalment quarter is: | the amount of the instalment is: |
| 1 | the third *instalment quarter in the income year | 75% of your *GDP-adjusted notional tax |
| 2 | the fourth *instalment quarter in the income year | 100% of your *GDP-adjusted notional tax, reduced by your instalment for earlier instalment quarter in that income year |
You receive instalment rate for the first time in second quarter
45-402(4)
If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in that income year, the amount of the instalment is worked out in accordance with the following table:
| Amount of quarterly instalment | ||
| Item | If the *instalment quarter is: | the amount of the instalment is: |
| 1 | the third *instalment quarter in the income year | 50% of your *GDP-adjusted notional tax |
| 2 | the fourth *instalment quarter in the income year | 75% of your *GDP-adjusted notional tax, reduced by your instalment for the earlier instalment quarter in that income year |
You receive instalment rate for the first time in third quarter
45-402(5)
If the Commissioner first gives you an instalment rate during the third *instalment quarter in that income year, the amount of the instalment is worked out in accordance with the following table:
| Amount of quarterly instalment | ||
| Item | If the *instalment quarter is: | the amount of the instalment is: |
| 1 | the third *instalment quarter in the income year | 25% of your *GDP-adjusted notional tax |
| 2 | the fourth *instalment quarter in the income year | 50% of your *GDP-adjusted notional tax, reduced by your instalment for the earlier instalment quarter in that income year |
You receive instalment rate for the first time in fourth quarter
45-402(6)
If the Commissioner first gives you an instalment rate during the fourth *instalment quarter in that income year, the amount of the instalment must be equal to 25% of your *GDP-adjusted notional tax.
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