Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:10_18:p2
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 10 cl 18 (pt 2/2)
Character Range: 256093–258379

the amount of the credit is added to the step 1 amount.
45‑415  Estimating your benchmark tax

 (1) If you choose under paragraph 45‑112(1)(b) to work out the amount of your instalment for an *instalment quarter in an income year on the 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 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.

Part 2—Amendment of other Acts

A New Tax System (Pay As You Go) Act 1999