Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:4_1:p6
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 4 cl 1 (pt 6/8)
Character Range: 305164–307812

is liable to pay for a *consolidation transitional year for the head company; or
 (b) determines that the head company does not have a taxable income for that year, or that no income tax is payable on its taxable income for that year;
the head company is, in addition to any credit to which it is entitled under section 45‑30 for that year, entitled to a credit in relation to instalments payable by an entity that is a *subsidiary member of the group at any time during that year.

 (2) The credit is equal to:
 (a) the sum of so much of each instalment payable by the entity (even if it has not paid it) for an *instalment quarter of a *consolidation transitional year for the entity, or for that year, as is reasonably attributable to so much of that quarter or year:
 (i) which is, or is included in, the consolidation transitional year for the *head company; and
 (ii) during which the entity is a *subsidiary member of the group;
  minus
 (b) the sum of so much of each credit that the entity has claimed under section 45‑215 or 45‑420 for each instalment quarter covered by paragraph (a) as is reasonably attributable to:
 (i) for a credit under section 45‑215—so much of the preceding instalment quarters of that consolidation transitional year for the entity which is covered by subparagraphs (a)(i) and (ii); or
 (ii) for a credit under section 45‑420—so much of that instalment quarter and the preceding instalment quarters of that consolidation transitional year for the entity which is covered by subparagraphs (a)(i) and (ii).

45‑870  Head company's liability to GIC on shortfall in quarterly instalment

Liability for the general interest charge

 (1) Subject to subsections (3) and (4), the *head company of a *consolidated group is liable to pay the *general interest charge under this section for an *instalment quarter in a *consolidation transitional year for the head company if:
 (a) the instalment payable by at least one *member of the group for that quarter is worked out:
 (i) under paragraph 45‑112(1)(b) or (c); or
 (ii) by using an instalment rate under section 45‑205; and
 (b) the sum of instalments payable by the members of the group for that quarter, reduced by credits claimed by those members under section 45‑215 or 45‑420 for that quarter, is less than 17/80 of the head company's *benchmark tax for that consolidation transitional year.

Note: 17/80 of the head company's benchmark tax represents an amount that is 85% of one quarter of that benchmark tax.

Amount on which the charge is payable

 (2) Subject to subsections (3) and (4), the *general interest charge is payable on the amount worked out in