Document ID: chunk:federal_register_of_legislation:C2025C00180:schedule:1:p11
Version: federal_register_of_legislation:C2025C00180
Segment Type: schedule
Provision Reference: sch 1 (pt 11/27)
Character Range: 731814–734407

(b) at the end of an *instalment month, you are a *monthly payer; and
 (c) you choose under subsection (4), for that month:
 (i) if the determination specifies one additional method to work out that amount—that method; or
 (ii) if the determination specifies more than one additional method to work out that amount—one of those methods.
 (7) Despite subsection (1), work out the amount of an instalment you are liable to pay for that *instalment month in accordance with the method that you chose for that month under subsection (4).

45‑115  How to work out amount of annual instalment
 (1) The amount of an instalment you are liable to pay for the 2002‑03 income year or a later income year is whichever of the following you choose:
 (a) the amount worked out using the formula:

 (b) your most recent *notional tax notified by the Commissioner before the end of the income year;
 (c) the amount that you estimate will be your *benchmark tax for the income year.
Note 1: You cannot choose a different instalment rate under Subdivision 45‑F if you are an annual payer. Instead you can work out the amount of your instalment under paragraph (c).
Note 2: You may be liable to general interest charge under section 45‑235 if working out your instalment under paragraph (c) leads you to pay an instalment that is less than 85% of your benchmark tax for the income year (worked out by the Commissioner under section 45‑365).
 (2) Commissioner's instalment rate for an income year means the most recent instalment rate given to you by the Commissioner before the end of the income year.
 (3) If you choose to work out your instalment under paragraph (1)(c), you must notify the Commissioner, in the *approved form, of the amount of the 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: No other amount is instalment income unless it is covered by another provision of this section or by Subdivision 45‑H or 45‑I.
Note 1A: The operation of this section and other provisions relating to instalment income is affected by sections 45‑855 and 45‑860 (about a member of a consolidated group during a period before the members of the group are treated as a single entity for the purposes of this Part.)
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