Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p15
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 15/20)
Character Range: 154944–157549

trust for an income year as was included by Division 6 of Part III of the Income Tax Assessment Act 1936 in your assessable income for the most recent income year:
 (a) that ended before the start of the current period; and
 (b) for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income.

 (3) However, if for any reason the component defined in subsection (2) does not exist or is a nil amount, or the trust had no *instalment income for that income year, your instalment income for the current period includes, for that trust, an amount that is fair and reasonable having regard to:
 (a) the extent of your interest in the trust, and your interest in the income of the trust, during the current period; and
 (b) the trust's *instalment income for the current period; and
 (c) any other relevant circumstances.

Application of Part to trustees

45‑300  Trustees to whom this Part applies

 (1) This Part applies to a trustee covered by any of items 6 to 12 in the table in section 9‑1 of the Income Tax Assessment Act 1997.

 (2) This Part also applies for an income year to the trustee of a trust if for the previous income year the trustee was liable to be assessed, and to pay tax, under section 98 (except subsection 98(3) or (4)) or section 99 or 99A of the Income Tax Assessment Act 1936.

Subdivision 45‑J—How Commissioner works out your instalment rate and notional tax

Table of sections

45‑320 Working out instalment rate
45‑325 Working out your notional tax
45‑330 Working out your adjusted taxable income
45‑335 Working out your adjusted withholding income
45‑340 Adjusted tax on adjusted taxable income or on adjusted withholding income

45‑320  Working out instalment rate

 (1) An instalment rate that the Commissioner gives you must be the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:
However, the instalment rate must be a nil rate if either component of the formula is nil.

 (2) For the purposes of the formula in subsection (1):

base assessment instalment income means so much of your assessable income, as worked out for the purposes of the *base assessment, as the Commissioner determines is *instalment income for the *base year.

 (3) The base assessment is the latest assessment for your most recent income year for which an assessment has been made. However, if the Commissioner is satisfied that there is a later income year for which you do not have a taxable income, the base assessment is the latest return or other information from which