Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_70:p3
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 70 (pt 3/4)
Character Range: 118055–120796

you notify the Commissioner of the correct amount, or he or she otherwise becomes aware of it.

45‑30  Credit for instalments payable

 (1) You are entitled to a credit when the Commissioner:
 (a) makes an assessment of the income tax you are liable to pay for an income year; or
 (b) determines that you do not have a taxable income for an income year, or that no income tax is payable on it.

 (2) The credit is equal to:
 • the total of each instalment payable by you for the income year (even if you have not yet paid it);
reduced by:
 • the total of each credit that you have claimed under section 45‑215 in respect of such an instalment.

Note: You can claim a credit under section 45‑215 in certain cases where you choose a rate for working out an instalment.

 (3) The making of the assessment or determination, and the resulting credit entitlement, do not affect the liability to pay an instalment.

Note: How the credit is applied is set out in Division 3 of Part IIB.

Subdivision 45‑B—When instalments are due

Table of sections

45‑50 Liability to pay first instalment
45‑55 Subsequent quarterly instalments
45‑60 When quarterly instalments are due
45‑65 Subsequent annual instalments
45‑70 When annual instalments are due
45‑72 Electronic payment
45‑75 Instalments recoverable in same way as income tax
45‑80 General interest charge on late payment
45‑85 Commissioner may extend time for payment
45‑90 Commissioner may withdraw instalment rate

45‑50  Liability to pay first instalment

 (1) Your first instalment is payable:
 (a) for the *instalment quarter in which the Commissioner first gives you an instalment rate (even if it is not the first instalment quarter in an income year); or
 (b) if at the end of that quarter you become an *annual payer under Subdivision 45‑E—for the income year in which the Commissioner first gives you an instalment rate;
unless the Commissioner withdraws your instalment rate under section 45‑90 during that quarter or income year.

 (2) However, if paragraph (1)(b) applies but during a later *instalment quarter in that income year you stop being an *annual payer under section 45‑150, your first instalment is payable for that later instalment quarter, unless the Commissioner withdraws your instalment rate under section 45‑90 during it.

45‑55  Subsequent quarterly instalments

  If you are liable to pay an instalment for an *instalment quarter, you are liable to pay an instalment for the next one unless:
 (a) at the end of that next instalment quarter you become an *annual payer under Subdivision 45‑E; or
 (b) during that next quarter the Commissioner withdraws your instalment rate under section 45‑90.

45‑60  When quarterly instalments are due

 (1) If your income year