Document ID: chunk:federal_register_of_legislation:C2015C00338:clause:1_4:p2
Version: federal_register_of_legislation:C2015C00338
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 2/17)
Character Range: 21182–23829

another rate for the later instalment quarter under this section (see section 115‑45).
Note 3: Division 119 is about choices under the MRRT law.

115‑55  Notifying Commissioner of varied instalment rate
 (1) If you choose an instalment rate for an *instalment quarter under section 115‑50, you must notify the Commissioner of the rate.
 (2) You must notify the Commissioner in the *approved form and on or before the day the instalment for the *instalment quarter is due (regardless of whether it is paid).
Note: The Commissioner may combine this approved form with the approved form for the notice you are required to give under section 115‑15: see subsection 388‑50(2).

Variation credits

115‑60  Credit on using varied rate in certain cases
 (1) You are entitled to claim a credit if:
 (a) you are liable to pay an instalment for an *instalment quarter (the current quarter) in an *MRRT year; and
 (b) the amount of your instalment for the current quarter is to be worked out using an instalment rate you chose under section 115‑50; and
 (c) that rate is lower than your *applicable instalment rate for the previous quarter in the same year; and
 (d) the amount worked out using the method statement is greater than nil.

      Method statement
           Step 1. Add up the instalments you are liable to pay for the earlier *instalment quarters in the year (even if you have not yet paid all of them).
           Step 2. Subtract from the step 1 amount each earlier credit that you have claimed under this section or section 115‑100 in respect of the year.
           Step 3. Multiply the total of your *instalment income for those earlier *instalment quarters by your *applicable instalment rate for the current quarter.
           Step 4. Subtract the step 3 amount from the step 2 amount.
           Step 5. If the result is a positive amount, it is the amount of the credit you can claim.
Example: In the first instalment quarter in an MRRT year, a miner has instalment income of $100m and an applicable instalment rate of 15%, which has been given by the Commissioner.
 In the second instalment quarter in the MRRT year, the miner has instalment income of $80m and uses the same rate given by the Commissioner (15%).
 In the third instalment quarter in the MRRT year, the miner has instalment income of $70m and chooses an instalment rate of 12%.
 The miner uses the method statement to work out a credit as follows:
 Step 1: The instalment of $15m for the first instalment quarter ($100m x 15%), plus the instalment of $12m for the second instalment quarter ($80m x 15%) gives a total step 1 amount of $27m.
 Step 2: No earlier credits