Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p2
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 2/13)
Character Range: 832464–835100

later calendar year; and
 (b) sets out the *GDP amounts for all the *quarters in both the later calendar year and the earlier calendar year.
 (7) To avoid doubt, subsections 45‑325(4) and (5) also have effect for the purposes of working out your *GDP‑adjusted notional tax.

Nil GDP adjustment for 2020‑21 income year
 (8) Despite subsections (3) and (6), if the current year is the 2020‑21 income year, then for the purposes of the formula in subsection (2) the GDP adjustment is 0%.
Note: This subsection will be repealed on 1 July 2025: see Part 2 of Schedule 5 to the Treasury Laws Amendment (2020 Measures No. 3) Act 2020.

Reduced GDP adjustment for 2022‑23 income year
 (9) Despite subsections (3) and (6), if the current year is the 2022‑23 income year, then for the purposes of the formula in subsection (2) the GDP adjustment is 2%.
Note: This subsection will be repealed on 1 July 2027: see Part 2 of Schedule 5 to the Treasury Laws Amendment (Cost of Living Support and Other Measures) Act 2022.

Reduced GDP adjustment for 2023‑24 income year
 (10) Despite subsections (3) and (6), if the current year is the 2023‑24 income year, then for the purposes of the formula in subsection (2) the GDP adjustment is 6%.
Note: This subsection will be repealed on 1 July 2028: see Part 2 of Schedule 4 to the Treasury Laws Amendment (2023 Measures No. 2) Act 2023.

Subdivision 45‑M—How amount of quarterly instalment is worked out on basis of your estimate of your benchmark tax

Table of sections
45‑410 Working out amount of instalment—payers of 4 quarterly instalments
45‑412 Working out amount of instalment—payers of 2 quarterly instalments
45‑415 Estimating your benchmark tax
45‑420 Credit in certain cases where amount of instalment is nil

45‑410  Working out amount of instalment—payers of 4 quarterly instalments
 (1A) This section applies if you are a *quarterly payer who pays 4 instalments annually on the basis of GDP‑adjusted notional tax at the end of an *instalment quarter in an income year (the current year).
 (1) For the purposes of paragraph 45‑112(1)(b) or (c), the amount of your instalment for that *instalment quarter in an income year is:
 (a) the amount worked out, in accordance with this section, on the basis of the estimate of your *benchmark tax for that income year that section 45‑415 requires to be used, if that amount is positive; or
 (b) otherwise—nil.
Note: If the amount is negative, you can claim a credit under section 45‑420.

First instalment quarter
 (2) If the *instalment quarter is the first in that income year for which you are liable to pay an instalment, the amount is 25% of the