Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p10
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 10/20)
Character Range: 143031–145725

quarter of the next income year, and later instalment quarters, in accordance with Subdivision 45‑B.

 (3) You must still pay an annual instalment for the income year referred to in subsection (1).

 (4) You may again become an *annual payer if:
 (a) you again satisfy the conditions in section 45‑140; and
 (b) you again choose under that section to pay instalments annually.

Subdivision 45‑F—Varying the instalment rate for quarterly instalments

Table of sections

45‑200 Application
45‑205 Choosing a varied instalment rate
45‑210 Notifying Commissioner of varied instalment rate
45‑215 Credit on using varied rate in certain cases

45‑200  Application

  This Subdivision applies if you are a *quarterly payer.

45‑205  Choosing a varied instalment rate

 (1) You may choose an instalment rate for working out under section 45‑110 the amount of your instalment for an *instalment quarter in an income year.

 (2) If you do so, you must use that instalment rate to work out the amount of that instalment. (You cannot later choose another instalment rate for working out that amount.)

Note 1: If choosing a rate leads you to pay an instalment that is too low, you may be liable to general interest charge under section 45‑230.

Note 2: If you choose a rate under this section, you must use it even if the Commissioner later gives you a new instalment rate.

 (3) You must also use that instalment rate to work out the amount of the instalment that you are liable to pay for each later *instalment quarter in that income year, unless you choose another instalment rate under subsection (1) for working out that amount.

Note 1: If you choose a rate under this section, you must use it even if the Commissioner later gives you a new instalment rate.

Note 2: If a rate you have chosen for an instalment quarter is not appropriate for a later instalment quarter in the same income year, you should choose another rate under subsection (1) for the later quarter. If the earlier rate is too low, you may be liable to general interest charge under section 45‑230.

 (4) However, for working out under section 45‑110 the amount of your instalment for an *instalment quarter in a later income year, you must use the most recent instalment rate given to you by the Commissioner before the end of that quarter, unless you again choose another instalment rate under subsection (1).

45‑210  Notifying Commissioner of varied instalment rate

  If you work out the amount of an instalment using an instalment rate you have chosen under section 45‑205, you must specify that rate in the notice about your instalment income that you must give the Commissioner under section 45‑20.

45‑215  Credit on