Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:10_4:p2
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 10 cl 4 (pt 2/2)
Character Range: 251729–253074

(expressed as a positive number) is called the top up.

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

actual amount of your instalment for the later quarter means:
 (a) the amount of your instalment for the later quarter, as worked out under section 45‑112; or
 (b) if you claimed a credit under section 45‑420 for the later quarter—the amount of the credit, expressed as a negative amount.

Amount of the reduction

 (3) The shortfall is reduced by applying so much of the top up as does not exceed the shortfall.

 (4) However, if some of the top up has already been applied (under any other application or applications of this section) to reduce the amount on which you are liable to pay the *general interest charge under subsection 45‑232(2) as it applies to a different *instalment quarter, the shortfall is reduced by applying so much of the top up as has not already been applied, and does not exceed the shortfall.

Period for which reduction has effect

 (5) The reduction has effect for each day in the period that:
 (a) started at the beginning of the day by which the instalment for the later quarter was due to be paid; and
 (b) finishes at the end of the earlier of the following days:
 (i) the day on which your assessed tax for the income year is due to be paid;
 (ii) the last day on which you pay any of that tax.