Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p3
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 3/20)
Character Range: 126266–128885

(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 not apply)—that rate.

Note: If you believe the Commissioner's rate is not appropriate for the current income year, you may choose a different instalment rate under Subdivision 45‑F.

45‑112  Amount of instalment for quarterly payer who pays on basis of GDP‑adjusted notional tax

 (1) If at the end of an *instalment quarter in an income year you are a *quarterly payer who pays on the basis of GDP‑adjusted notional tax, the amount of your instalment for that quarter is the amount notified to you by the Commissioner before the end of that quarter.

Note: The Commissioner works out that amount under Subdivision 45‑L.

 (2) If the Commissioner notifies you of the amount of the instalment after the end of that quarter, the instalment is due on or before the 21st day after the day on which the notice is given.

45‑115  How to work out amount of annual instalment

 (1) The amount of an instalment you are liable to pay for the 2002‑03 income year or a later income year is whichever of the following you choose:
 (a) the amount worked out using the formula:
 (b) your most recent *notional tax notified by the Commissioner before the end of the income year under subsection 45‑320(5);
 (c) the amount that you estimate will be your *benchmark tax for the income year.

Note 1: You cannot choose a different instalment rate under Subdivision 45‑F if you are an annual payer. Instead you can work out the amount of your instalment under paragraph (c).

Note 2: You may be liable to general interest charge under section 45‑235 if working out your instalment under paragraph (c) leads you to pay an instalment that is less than 85% of your benchmark tax for the income year (worked out by the Commissioner under section 45‑365).

For the amount of an instalment you are liable to pay
for 2000‑01 or 2001‑02, see section 45‑175.

 (2) Commissioner's instalment rate for an income year means the most recent instalment rate given to you by the Commissioner before the end of the income year.

 (3) If you choose to work out your instalment under paragraph (1)(c), you must notify the Commissioner, in the *approved form, of the amount of the instalment on or before the day when it is due.

45‑120  Meaning of instalment income

General rule

 (1) Your instalment income for a period includes your *ordinary income *derived during that period, but only to the extent that it is