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.
45-412(2)
If you are liable to pay an instalment for that quarter, the amount of that instalment for the purposes of paragraph 45-112(1)(b) or (c) is:
(a) the amount worked out, in accordance with this section, on the basis of the estimate of your *benchmark tax for that income year that section 45-415 requires to be used, if that amount is positive; or
(b) otherwise - nil.
Note:
If the amount is negative, you can claim a credit under section 45-420 .
Instalment for third quarter
45-412(3)
Subject to subsections (5) to (9), the amount of the instalment for the third *instalment quarter in that year is 75% of the estimate of your *benchmark tax.
Instalment for fourth quarter
45-412(4)
Subject to subsections (5) to (9), the amount of the instalment for the fourth *instalment quarter in that year is worked out by subtracting:
(a) the amount of your instalment for the earlier instalment quarter in that year;
from:
(b) the estimate of your *benchmark tax.
You receive instalment rate for the first time in second quarter
45-412(5)
If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in the income year, the amount of the instalment for the third *instalment quarter in that year is 50% of the estimate of your *benchmark tax.
45-412(6)
If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting:
(a) the amount of your instalment for the earlier instalment quarter in that year;
from:
(b) 75% of the estimate of your *benchmark tax.
You receive instalment rate for the first time in third quarter
45-412(7)
If the Commissioner gives you an instalment rate for the first time during the third *instalment quarter in the income year, the amount of the instalment for the third instalment quarter in that year is 25% of the estimate of your *benchmark tax.
45-412(8)
If the Commissioner gives you an instalment rate for the first time during the third *instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting:
(a) the amount of your instalment for the earlier instalment quarter in that year;
from:
(b) 50% of the estimate of your *benchmark tax.
You receive instalment rate for the first time in fourth quarter
45-412(9)
If the Commissioner gives you an instalment rate for the first time during the fourth *instalment quarter in the income year, the amount of the instalment for that quarter is 25% of the estimate of your *benchmark tax.
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