Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p5
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 5/13)
Character Range: 839734–842358

basis of your estimate of your *benchmark tax for that income year, you must make the estimate on or before the day on which the instalment is due (disregarding subsection 45‑112(3)).
 (2) Having done so, you must use that estimate to work out the amount of that instalment. (You cannot later make another estimate for working out that amount.)
Note: If your estimate leads you to pay an instalment that is too low, you may be liable to general interest charge under section 45‑232.
 (3) The Commissioner must also use that estimate to work out under this Subdivision the amount of each instalment:
 (a) that you are liable to pay for a later *instalment quarter in that income year; and
 (b) whose amount he or she must notify to you under paragraph 45‑112(1)(c);
unless a later application of this subsection requires him or her to use a later estimate you make under subsection (1) of this section.
Note: This means that if an estimate you have made is not appropriate for a later instalment quarter in the same income year, you should choose under paragraph 45‑112(1)(b) to work out the amount of your instalment for that later quarter on the basis of a new estimate under this section. If the instalment that the Commissioner works out on the basis of the earlier estimate is too low, you may be liable to general interest charge under section 45‑232.

45‑420  Credit in certain cases where amount of instalment is nil
 (1) You are entitled to claim a credit if the amount of your instalment for an *instalment quarter (the current quarter) in an income year is nil because the amount worked out for the current quarter in accordance with section 45‑410 or 45‑412 (as appropriate) is negative. The amount of the credit is equal to that amount, expressed as a positive amount.
 (2) A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.
Note: How the credit is applied is set out in Division 3 of Part IIB.

Subdivision 45‑N—How this Part applies to the trustee of a trust

Table of sections

Trustees to whom this Part applies
45‑450 Trustees to whom a single instalment rate is given
45‑455 Trustees to whom several instalment rates are given
45‑460 Rest of Subdivision applies only to multi‑rate trustees
45‑465 Meaning of instalment income
45‑468 Multi‑rate trustee may pay quarterly instalments

How Commissioner works out instalment rate and notional tax for a multi‑rate trustee
45‑470 Working out instalment rate
45‑473 Commissioner must notify you of notional tax
45‑475 Working out your notional tax
45‑480 Working out your adjusted