Document ID: chunk:federal_register_of_legislation:C2025C00180:schedule:1:p27
Version: federal_register_of_legislation:C2025C00180
Segment Type: schedule
Provision Reference: sch 1 (pt 27/27)
Character Range: 769835–771936

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.

45‑232  Liability to GIC on shortfall in quarterly instalment worked out on the basis of estimated benchmark tax
 (1) You are liable to pay the *general interest charge under this section if:
 (a) the amount of your instalment for an *instalment quarter (the variation quarter) in an income year is worked out under paragraph 45‑112(1)(b) or (c) on the basis of your estimate of your *benchmark tax for that income year; and
 (b) the estimate used is less than 85% of your *benchmark tax for the income year (which the Commissioner works out under section 45‑365).

Amount on which the charge is payable
 (2) You are liable to pay the *general interest charge on the amount worked out as follows (if it is a positive amount):
where:
acceptable amount, of your instalment for an *instalment quarter in an income year, has the meaning given by subsections (3), (3A), (3B), (3C) and (3D).
actual amount means:
 (a) the amount of your instalment, as worked out on the basis of the estimate; or
 (b) if, as a result of using the estimate, you claimed a credit under section 45‑420 for the variation quarter—the amount of the credit, expressed as a negative amount.
 (3) If you are a *quarterly payer who pays 4 instalments annually on the basis of GDP‑adjusted notional tax, the acceptable amount of your instalment for that instalment quarter is:
 (a) if the amount of the instalment is worked out under paragraph 45‑112(1)(b) or (c)—the amount worked out using the table in this subsection (which can be a negative amount); or
 (b) otherwise—the amount notified to you by the Commissioner under paragraph 45‑112(1)(a) as the amount of your instalment for that *instalment quarter.

Acceptable amount of an instalment
Item                                If the *instalment quarter is:                                                The acceptable amount of your instalment for that instalment quarter is: