Document ID: chunk:federal_register_of_legislation:C2025C00180:schedule:1:p25
Version: federal_register_of_legislation:C2025C00180
Segment Type: schedule
Provision Reference: sch 1 (pt 25/27)
Character Range: 765117–767754

if:
 (a) the amount of your instalment for an *instalment quarter (the current quarter) in an income year is to be worked out using an instalment rate you chose under section 45‑205; and
 (b) that rate is lower than the instalment rate you used to work out the amount of your instalment for the previous instalment quarter (if any) in the same income year; and
 (c) the amount worked out using the method statement is greater than nil.

      Method statement
           Step 1. Add up the instalments you are liable to pay for the earlier *instalment quarters in the income year (even if you have not yet paid all of them).
           Step 2. Subtract from the step 1 amount each earlier credit that you have claimed under this section or section 45‑420 in respect of the income year.
           Step 3. Multiply the total of your *instalment income for those earlier *instalment quarters by the instalment rate to be used for the current quarter.
           Step 4. Subtract the step 3 amount from the step 2 amount.
           Step 5. If the result is a positive amount, it is the amount of the credit you can claim.
 (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.
 (3) The credit entitlement does not affect your liability to pay an instalment.

Subdivision 45‑G—General interest charge payable in certain cases if instalments are too low

Table of sections
45‑225 Effect of Subdivision in relation to monthly payers
45‑230 Liability to GIC on shortfall in quarterly instalment worked out on the basis of varied rate
45‑232 Liability to GIC on shortfall in quarterly instalment worked out on the basis of estimated benchmark tax
45‑233 Reduction in GIC liability under section 45‑232 if shortfall is made up in later instalment
45‑235 Liability to GIC on shortfall in annual instalment
45‑240 Commissioner may remit general interest charge

45‑225  Effect of Subdivision in relation to monthly payers
  If you are a *monthly payer, this Subdivision has effect in relation to you in respect of an *instalment month in the same way in which it has effect in relation to a *quarterly payer in respect of an *instalment quarter.

45‑230  Liability to GIC on shortfall in quarterly instalment worked out on the basis of varied rate
 (1) You are liable to pay the *general interest charge under this section if:
 (a) you use an instalment rate (the varied rate) under section 45‑205 to work out the amount of your instalment for an *instalment quarter (the variation quarter) in