Document ID: chunk:federal_register_of_legislation:F2024L00171:clause:1_7
Version: federal_register_of_legislation:F2024L00171
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 3963–5003

7  Additional method
 (1) For the first and second instalment months of the instalment quarter, multiply the applicable instalment rate by a reasonable estimate of your instalment income for the instalment month.
 (2) For the third instalment month of the instalment quarter:
 (a) apply the following method statement:

Step 1 – add the estimated instalment income you used in calculating your monthly instalment for the first and second instalment months of the instalment quarter.
Step 2 – subtract the result of step 1 from your actual instalment income for the instalment quarter.
Step 3 – multiply the applicable instalment rate by the result of step 2.

 (b) if the amount of the instalment you have worked out applying the method statement in paragraph (a) is less than zero:
 (i) your instalment income for the third instalment month is taken to be zero; and
 (ii) you can revise your instalment income for the previous instalment months of the instalment quarter in the approved form, starting with the second instalment month.