Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_70:p1
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 70 (pt 1/4)
Character Range: 113150–115901

70                    Decision not to refund an amount under section 18‑80

Part 2‑10—Pay as you go (PAYG) instalments

Division 45—Instalment payments

Table of Subdivisions

Guide to Division 45
45‑A Basic rules
45‑B When instalments are due
45‑C Working out instalment amounts
45‑D Quarterly payers who pay on the basis of GDP‑adjusted notional tax
45‑E Annual payers
45‑F Varying the instalment rate for quarterly instalments
45‑G General interest charge payable in certain cases if instalments are too low
45‑H Partnership income
45‑I Trust income
45‑J How Commissioner works out your instalment rate and notional tax
45‑K How Commissioner works out your benchmark instalment rate and benchmark tax
45‑L How Commissioner works out amount of quarterly instalment on basis of GDP‑adjusted notional tax

Guide to Division 45

45‑1  What this Division is about

      If you have business or investment income, you must pay instalments towards your income tax liability: usually within 21 days after the end of each quarter. If you are not registered for GST purposes, you may be able to choose to pay an annual instalment on 21 October after the end of the income year.
      You do not have to pay instalments unless the Commissioner has given you an instalment rate.
      The amount of a quarterly instalment is worked out by multiplying your instalment income for the quarter by the rate the Commissioner gave you, or by a rate you choose yourself. If you are an individual who is not registered for GST purposes, you may be able to choose to have the amount of your instalment worked out on the basis of your previous year's income tax liability and notified to you by the Commissioner.
      The amount of an annual instalment can be your instalment income for the income year multiplied by the rate the Commissioner gave you; or an amount based on your previous year's income tax liability and notified to you by the Commissioner; or your own estimate of your income tax liability for the income year.

Subdivision 45‑A—Basic rules

Table of sections

45‑5 Object of this Part
45‑10 Application of Part
45‑15 Liability for instalments
45‑20 Information to be given to the Commissioner
45‑25 Penalty for failure to notify Commissioner
45‑30 Credit for instalments payable

45‑5  Object of this Part

  The object of this Part is to ensure the efficient collection of:
 (a) income tax; and
 (b) Medicare levy; and
 (c) amounts of liabilities to the Commonwealth under Chapter 5A of the Higher Education Funding Act 1988.

45‑10  Application of Part

  This Part applies to individuals, companies, and the entities listed in items 3 and 4, and 6 to 12, of the table in section 9‑1 of the Income Tax Assessment Act 1997 (which lists the