Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p18
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 18/20)
Character Range: 162329–165175

and 3 are added together, and reduced by what would have been your *FTB amount (if any) for the *base year if your taxable income for the base year had been your *adjusted taxable income, or your *adjusted withholding income, for that year. The result is your adjusted tax on your *adjusted taxable income, or on your *adjusted withholding income.

Subdivision 45‑K—How Commissioner works out your benchmark instalment rate and benchmark tax

Table of sections

45‑355 When Commissioner works out benchmark instalment rate and benchmark tax
45‑360 How Commissioner works out benchmark instalment rate
45‑365 Working out your benchmark tax
45‑370 Working out your adjusted assessed taxable income for the variation year
45‑375 Adjusted assessed tax on adjusted assessed taxable income

45‑355  When Commissioner works out benchmark instalment rate and benchmark tax

 (1) The Commissioner may work out your *benchmark instalment rate for an income year (the variation year) if, under section 45‑205, you choose an instalment rate to work out the amount of your instalment for an *instalment quarter in that year.

 (2) The Commissioner may work out your *benchmark tax for an income year (the variation year) if, under paragraph 45‑115(1)(c) or 45‑175(1)(b), you estimate the amount of your annual instalment for that year.

45‑360  How Commissioner works out benchmark instalment rate

 (1) Your benchmark instalment rate for the variation year is the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:
However, your benchmark instalment rate is a nil rate if either component of the formula is nil.

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

variation year instalment income means so much of your assessable income for the variation year as the Commissioner determines is *instalment income for that year.

45‑365  Working out your benchmark tax

Benchmark tax if you had no withholding income

 (1) Your benchmark tax is your *adjusted assessed tax (worked out under section 45‑375) on your *adjusted assessed taxable income (worked out under section 45‑370) for the variation year.

Benchmark tax if you had withholding income

 (2) However, your benchmark tax (as worked out under subsection (1)) is reduced if your assessable income for the variation year includes amounts in respect of *withholding payments.

 (3) It is reduced (but not below nil) by the total amount of the credits to which you are entitled for the variation year under section 18‑15 (for amounts withheld from withholding payments made to you during the variation year).

45‑370  Working out your adjusted assessed taxable income for the variation year

 (1) Your adjusted assessed taxable income for the variation year is your taxable income for the year, reduced by any *net capital