Document ID: chunk:federal_register_of_legislation:C2025C00180:schedule:1:p5
Version: federal_register_of_legislation:C2025C00180
Segment Type: schedule
Provision Reference: sch 1 (pt 5/27)
Character Range: 717635–720213

each day in the period that:
 (a) started at the beginning of the day by which the amount was due to be paid; and
 (b) finishes at the end of the day before you notify the Commissioner of the correct amount, or he or she otherwise becomes aware of it.
 (2) This section does not apply to a notification required to be lodged on or after 1 July 2000.
Note: See instead Division 286 in Schedule 1 to the Taxation Administration Act 1953.

45‑30  Credit for instalments payable
 (1) You are entitled to a credit when the Commissioner makes an assessment of the income tax you are liable to pay for an income year or an assessment that no income tax is payable by you for an income year.
 (2) The credit is equal to:
 • the total of each instalment payable by you for the income year (even if you have not yet paid it);
reduced by:
 • the total of each credit that you have claimed under section 45‑215 or 45‑420 in respect of such an instalment.
 (3) The making of the assessment, and the resulting credit entitlement, do not affect the liability to pay an instalment.
Note: How the credit is applied is set out in Division 3 of Part IIB.
 (4) If:
 (a) you are a *subsidiary member of a *consolidated group at any time during a *consolidation transitional year for you; and
 (b) an amount of instalment payable by you, or an amount of credit claimed by you under section 45‑215 or 45‑420, is taken into account in working out a credit to which the *head company of that consolidated group is entitled under section 45‑865 for a consolidation transitional year for the head company;
that amount, to the extent to which it is so taken into account under that section, is not to be taken into account in working out any credit to which you are entitled under this section for any year.

Subdivision 45‑B—When instalments are due

Table of sections
45‑50 Liability to pay instalments
45‑60 Meaning of instalment quarter
45‑61 When quarterly instalments are due—payers of quarterly instalments
45‑65 Meaning of instalment month
45‑67 When monthly instalments are due—payers of monthly instalments
45‑70 When annual instalments are due
45‑72 Means of payment of instalment
45‑75 Instalments recoverable in same way as income tax
45‑80 General interest charge on late payment
45‑90 Commissioner may withdraw instalment rate

45‑50  Liability to pay instalments
 (1) Subject to subsection (4), you are liable to pay an instalment for an *instalment quarter in an income year if, at the end of that instalment quarter, you are:
 (a) a *quarterly payer who pays 4 instalments annually on the