Document ID: chunk:federal_register_of_legislation:C2025C00180:schedule:1:p9
Version: federal_register_of_legislation:C2025C00180
Segment Type: schedule
Provision Reference: sch 1 (pt 9/27)
Character Range: 726901–729570

quarterly instalment on instalment income basis
45‑112 Amount of instalment for quarterly payer who pays on basis of GDP‑adjusted notional tax
45‑114 How to work out amount of monthly instalment
45‑115 How to work out amount of annual instalment
45‑120 Meaning of instalment income

45‑110  How to work out amount of quarterly instalment on instalment income basis
 (1) Work out the amount of an instalment you are liable to pay for an *instalment quarter as follows if, at the end of that instalment quarter, you are a *quarterly payer who pays on the basis of instalment income:
 (2) For the purposes of the formula in subsection (1):
Applicable instalment rate means:
 (a) unless paragraph (b) or (c) applies—the most recent instalment rate given to you by the Commissioner under section 45‑15 before the end of that quarter; or
 (b) if you have chosen an instalment rate for that quarter under section 45‑205—that rate; or
 (c) if you have chosen an instalment rate under section 45‑205 for an earlier *instalment quarter in that income year (and paragraph (b) does not apply)—that rate.
Note: If you believe the Commissioner's rate is not appropriate for the current income year, you may choose a different instalment rate under Subdivision 45‑F.

45‑112  Amount of instalment for quarterly payer who pays on basis of GDP‑adjusted notional tax
 (1) If, at the end of an *instalment quarter in an income year, you are a *quarterly payer who pays on the basis of GDP‑adjusted notional tax who is liable to pay an instalment for that quarter, the amount of your instalment for that quarter is:
 (a) unless paragraph (b) or (c) applies—the amount that the Commissioner works out under Subdivision 45‑L, and notifies to you, as the amount of the instalment; or
 (b) if you choose to work out the amount of the instalment on the basis of your estimate of your *benchmark tax for that income year, and you notify the Commissioner in accordance with subsection (2)—the amount worked out under Subdivision 45‑M; or
 (c) if paragraph (b) applied to your instalment for an earlier *instalment quarter in that income year—the amount that the Commissioner works out under Subdivision 45‑M, and notifies to you, as the amount of the instalment.
 (2) If the amount of the instalment is worked out under paragraph (1)(b) on the basis of your estimate of your *benchmark tax for the income year, you must notify the Commissioner in the *approved form, on or before the day when the instalment is due (disregarding subsection (3)), of the amount of that estimate.
 (3) If:
 (a) after the end of an *instalment quarter the Commissioner notifies you of an amount as the amount of your