Document ID: chunk:federal_register_of_legislation:C2025C00180:schedule:1:p24
Version: federal_register_of_legislation:C2025C00180
Segment Type: schedule
Provision Reference: sch 1 (pt 24/27)
Character Range: 762769–765336

of an *instalment month in the same way in which it has effect in relation to a *quarterly payer in respect of an *instalment quarter.

45‑205  Choosing a varied instalment rate
 (1) You may choose an instalment rate for working out under section 45‑110 the amount of your instalment for an *instalment quarter in an income year.
 (2) If you do so, you must use that instalment rate to work out the amount of that instalment. (You cannot later choose another instalment rate for working out that amount.)
Note 1: If choosing a rate leads you to pay an instalment that is too low, you may be liable to general interest charge under section 45‑230.
Note 2: If you choose a rate under this section, you must use it even if the Commissioner later gives you a new instalment rate.
 (3) You must also use that instalment rate to work out the amount of the instalment that you are liable to pay for each later *instalment quarter in that income year, unless you choose another instalment rate under subsection (1) for working out that amount.
Note 1: If you choose a rate under this section, you must use it even if the Commissioner later gives you a new instalment rate.
Note 2: If a rate you have chosen for an instalment quarter is not appropriate for a later instalment quarter in the same income year, you should choose another rate under subsection (1) for the later quarter. If the earlier rate is too low, you may be liable to general interest charge under section 45‑230.
 (4) However, for working out under section 45‑110 the amount of your instalment for an *instalment quarter in a later income year, you must use the most recent instalment rate given to you by the Commissioner before the end of that quarter, unless you again choose another instalment rate under subsection (1).
 (5) Subsection (6) applies if you are a monthly payer.
 (6) Treat the references in subsections (1) and (4) to section 45‑110 as instead being references to section 45‑114.

45‑210  Notifying Commissioner of varied instalment rate
  If you work out the amount of an instalment using an instalment rate you have chosen under section 45‑205, you must specify that rate in the notice about your instalment income that you must give the Commissioner under section 45‑20.

45‑215  Credit on using varied rate in certain cases
 (1) You are entitled to claim a credit if:
 (a) the amount of your instalment for an *instalment quarter (the current quarter) in an income year is to be worked out using an instalment rate you chose under section 45‑205; and
 (b) that rate is lower than the