Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p4
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 4/20)
Character Range: 128648–131345

instalment on or before the day when it is due.

45‑120  Meaning of instalment income

General rule

 (1) Your instalment income for a period includes your *ordinary income *derived during that period, but only to the extent that it is assessable income of the income year that is or includes that period.

Note 1: An amount of statutory income is not instalment income unless it is covered by another provision of this section or by Subdivision 45‑H or 45‑I.

Note 2: If during that period you are a partner in a partnership, or a beneficiary of a trust, your instalment income also includes some of the partnership's or trust's instalment income for the period. See Subdivision 45‑H or 45‑I.

Statutory income included for some entities

 (2) The instalment income of:
 (a) an eligible ADF (as defined in section 267 of the Income Tax Assessment Act 1936); or
 (b) an eligible superannuation fund (as defined in that section); or
 (c) a pooled superannuation trust (as defined in that section);
for a period also includes the entity's *statutory income, to the extent that:
 (d) it is reasonably attributable to that period; and
 (e) it is assessable income of the income year that is or includes that period.

Exclusion: amounts in respect of withholding payments

 (3) Your instalment income for a period does not include amounts in respect of *withholding payments (except *non‑quotation withholding payments) made to you during that period.

Farm management deposits: effect of making and repayment

 (4) Your instalment income for a period is reduced (but not below nil) by a *farm management deposit made during that period, but only to the extent that, at the end of that period, you can reasonably expect to be able to deduct the deposit under section 393‑10 in Schedule 2G to the Income Tax Assessment Act 1936 for the income year that is or includes that period.

 (5) Your instalment income for a period also includes an amount that section 393‑15 in Schedule 2G to the Income Tax Assessment Act 1936 includes in your assessable income, for the income year that is or includes that period, because of a repayment during that period of all or some of a *farm management deposit.

Instalment income of entity that is not liable for instalments

 (6) An entity can have *instalment income for a period even if the entity is not liable to pay an instalment for that period.

Note: For example, although a partnership does not pay instalments, it is necessary to work out the partnership's instalment income in order to work out instalments payable by the partners. See Subdivision 45‑H.

Subdivision 45‑D—Quarterly payers who pay on the basis of GDP‑adjusted notional tax

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