Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p2
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 2/20)
Character Range: 123844–126502

purposes of sections 208, 209, 214, 254, 255, 258 and 259 of the Income Tax Assessment Act 1936.

45‑80  General interest charge on late payment

  If you fail to pay some or all of an instalment by the time by which the instalment is due to be paid, you are liable to pay the *general interest charge on the unpaid amount for each day in the period that:
 (a) started at the beginning of the day by which the instalment was due to be paid; and
 (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
 (i) the instalment;
 (ii) general interest charge on any of the instalment.

45‑85  Commissioner may extend time for payment

 (1) The Commissioner may, in a particular case, grant such extension of time for payment of an instalment as he or she considers the circumstances warrant.

 (2) If the Commissioner grants an extension of time under subsection (1), the instalment is due to be paid on or before the day or days specified by the Commissioner.

45‑90  Commissioner may withdraw instalment rate

 (1) The Commissioner may:
 (a) by giving you written notice, withdraw your instalment rate; or
 (b) by notice published in the Gazette, withdraw the instalment rate of a class of entities that includes you.

Note: If the Commissioner does so, you are not liable to pay further instalments (even if you have chosen a rate under section 45‑205). See paragraphs 45‑55(b) and 45‑65(b).

  (2) If the Commissioner withdraws your instalment rate and later gives you another one, your first instalment after the withdrawal is payable under section 45‑50 as if it were your first instalment, and as if that rate were your first instalment rate.

Subdivision 45‑C—Working out instalment amounts

Table of sections

45‑110 How to work out amount of quarterly instalment
45‑112 Amount of instalment for quarterly payer who pays on basis of GDP‑adjusted notional tax
45‑115 How to work out amount of annual instalment
45‑120 Meaning of instalment income

45‑110  How to work out amount of quarterly instalment

 (1) Work out the amount of an instalment you are liable to pay for an *instalment quarter as follows:

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

Applicable instalment rate means:
 (a) unless paragraph (b) or (c) applies—the most recent instalment rate given to you by the Commissioner under section 45‑15 before the end of that quarter; or
 (b) if you have chosen an instalment rate for that quarter under section 45‑205—that rate; or
 (c) if you have chosen an instalment rate under section 45‑205 for an earlier *instalment quarter in that income year (and paragraph (b) does