Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p3
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 3/18)
Character Range: 787745–790316

The shortfall is reduced by applying so much of the top up as does not exceed the shortfall.
 (4) However, if some of the top up has already been applied (under any other application or applications of this section) to reduce the amount on which you are liable to pay the *general interest charge under subsection 45‑232(2) as it applies to a different *instalment quarter, the shortfall is reduced by applying so much of the top up as has not already been applied, and does not exceed the shortfall.

Period for which reduction has effect
 (5) The reduction has effect for each day in the period that:
 (a) started at the beginning of the day by which the instalment for the later quarter was due to be paid; and
 (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid.

45‑235  Liability to GIC on shortfall in annual instalment
 (1) You are liable to pay the *general interest charge under this section if:
 (a) you choose to estimate the amount of your instalment (the estimated instalment amount) for an income year under paragraph 45‑115(1)(c) or former paragraph 45‑175(1)(b); and
 (b) that amount is less than 85% of your *benchmark tax for the income year (which the Commissioner works out under section 45‑365).
 (2) If you estimated the amount of the instalment under former paragraph 45‑175(1)(b), you are liable to pay the *general interest charge on the difference between the estimated instalment amount and the lower of the following amounts:
 (a) your most recent *notional tax notified by the Commissioner at least 30 days before the day on which the instalment was due;
 (b) your *benchmark tax for the income year.
 (3) If you estimated the amount of the instalment under paragraph 45‑115(1)(c), you are liable to pay the *general interest charge on the difference between the estimated instalment amount and the lowest of the following amounts:
 (a) the amount of your instalment worked out using the most recent instalment rate given to you by the Commissioner before the end of the income year;
 (b) your most recent *notional tax notified by the Commissioner before the end of the income year under subsection 45‑320(5);
 (c) your *benchmark tax for the income year.
 (4) You are liable to pay the charge for each day in the period that:
 (a) started at the beginning of the day by which the instalment for the income year was due to be paid; and
 (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid.
 (5) The Commissioner must give you written notice of