Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:4_1:p7
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 4 cl 1 (pt 7/8)
Character Range: 307588–310239

tax represents an amount that is 85% of one quarter of that benchmark tax.

Amount on which the charge is payable

 (2) Subject to subsections (3) and (4), the *general interest charge is payable on the amount worked out in accordance with the following method statement (if the amount is a positive amount).

      Method statement
           Step 1. Work out the amount that is 1/4 of the *benchmark tax of the *head company for that *consolidation transitional year of that head company.
           Step 2. Work out the sum of instalments that would have been payable by all the *members of the group for that *instalment quarter of that *head company if none of the members had worked out its instalment for that quarter under paragraph 45‑112(1)(b) or (c) or by using an instalment rate under section 45‑205.
           Step 3. Work out the sum of instalments payable by all the *members of the group for that *instalment quarter, reduced by credits claimed by the members under section 45‑215 or 45‑420 for that quarter.
           Step 4. Reduce the lesser of the results of steps 1 and 2 by the result of step 3. The result of this step is the amount on which the *general interest charge is payable if it is a positive amount. No general interest charge is payable if the result of this step is nil or a negative amount.

Amounts of instalments or credits that are taken into account

 (3) In working out an amount of instalment or credit for a *subsidiary member of the group for the purposes of any of the following provisions:
 (a) paragraph (1)(b);
 (b) step 2 or 3 of the method statement;
take into account only an amount of instalment or credit covered by that provision that is reasonably attributable to a period in that *consolidation transitional year of the *head company during which it is a subsidiary member of the group.

Members having different instalment quarters

 (4) In working out an amount of instalment or credit for a *subsidiary member whose *instalment quarters differ from those of the *head company for the purposes of any of the following provisions:
 (a) paragraph (1)(a) or (b);
 (b) step 2 or 3 of the method statement;
a reference to an instalment quarter in a *consolidation transitional year of the head company in any of those provisions includes a reference to the last instalment quarter of that subsidiary member ending before the end of that instalment quarter of the head company.

45‑875  Other rules about the general interest charge

 (1) The *general interest charge under section 45‑870 for an *instalment quarter in an income year is payable by the *head company for each day in the period