Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p12
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 12/20)
Character Range: 147904–150433

(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 an income year; and
 (b) the varied rate is less than 85% of your *benchmark instalment rate for that income year that the Commissioner works out under Subdivision 45‑K.

 (2) You are liable to pay the *general interest charge on the amount worked out as follows:
where:

rate discrepancy means the difference between the varied rate and the lesser of:
 (a) the most recent instalment rate given to you by the Commissioner before the end of the variation quarter; and
 (b) your *benchmark instalment rate for that income year.

credit adjustment means:
 (a) if, as a result of using the varied rate for the variation quarter, you claimed a credit under section 45‑215—the amount worked out as follows:
  or the amount of the credit, whichever is less; and
 (b) otherwise—nil.

 (3) 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 earlier of the following days:
 (i) the day on which your assessed tax for the income year is due to be paid;
 (ii) the last day on which you pay any of that tax.

 (4) 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.

 (5) 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 (4), 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.

45‑235  Liability to GIC on shortfall in annual instalment

 (1) You are liable to pay the *general interest charge under this section if:
 (a) you choose to estimate the amount of your instalment (the estimated instalment amount) for an income year under paragraph 45‑115(1)(c) or 45‑175(1)(b); and
 (b) that amount is less than 85% of your *benchmark tax for the income year (which the Commissioner works out under