Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p1
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/18)
Character Range: 782524–785574

2                                   the fourth *instalment quarter in that income year  the lower of:
                                                                                        (a) the amount that the Commissioner would have notified to you under paragraph 45‑112(1)(a) as the amount of your instalment for that *instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45‑L; and
                                                                                        (b) the amount worked out by subtracting:
                                                                                        • the *acceptable amount of your instalment for the earlier instalment quarter in that income year;
                                                                                         from:
                                                                                        • 50% of your *benchmark tax for the income year (which the Commissioner works out under section 45‑365).

 (3D) If:
 (a) you are a *quarterly payer who pays 2 instalments annually on the basis of GDP‑adjusted notional tax; and
 (b) the Commissioner first gives you an instalment rate during the fourth *instalment quarter in an income year;
the acceptable amount of your instalment for an instalment quarter in that income year is the lower of the following amounts:
 (c) the amount that the Commissioner notified to you under paragraph 45‑112(1)(a) as the amount of your instalment for that instalment quarter;
 (d) 25% of your *benchmark tax for the income year (which the Commissioner works out under section 45‑365).

Period for which the charge is payable
 (4) You are liable to pay the charge for each day in the period that:
 (a) started at the beginning of the day by which the instalment for the variation quarter was due to be paid; and
 (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid.

Commissioner to notify you
 (5) The Commissioner must give you written notice of the *general interest charge to which you are liable under subsection (2). You must pay the charge within 14 days after the notice is given to you.

Further charge if charge under subsection (2) remains unpaid
 (6) If any of the *general interest charge to which you are liable under subsection (2) remains unpaid at the end of the 14 days referred to in subsection (5), you are also liable to pay the *general interest charge on the unpaid amount for each day in the period that:
 (a) starts at the end of those 14 days; and
 (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
 (i) the unpaid amount;
 (ii) general interest charge on the unpaid amount.

Modifications for subsidiary member of consolidated group
 (7) Subsections (1) to (6) apply to you with the modifications set out in subsections (8) to (10) if the variation quarter is in a *consolidation transitional year for you as a