Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:10_4:p1
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 10 cl 4 (pt 1/2)
Character Range: 248834–251961

4                                   the fourth in that income year for which you are liable to pay an instalment  the lower of:
                                                                                                                  (a) the amount that the Commissioner would have notified to you under paragraph 45‑112(1)(a) as the amount of your instalment for that *instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45‑L; and
                                                                                                                  (b) the amount worked out by subtracting:
                                                                                                                  • the total of the *acceptable amounts of your instalments for the earlier instalment quarters in that income year;
                                                                                                                   from:
                                                                                                                  • 100% of your *benchmark tax for the income year (which the Commissioner works out under section 45‑365).

Period for which the charge is payable

 (4) You are liable to pay the charge for each day in the period that:
 (a) started at the beginning of the day by which the instalment for the variation quarter was due to be paid; and
 (b) finishes at the end of the earlier of the following days:
 (i) the day on which your assessed tax for the income year is due to be paid;
 (ii) the last day on which you pay any of that tax.

Commissioner to notify you

 (5) The Commissioner must give you written notice of the *general interest charge to which you are liable under subsection (2). You must pay the charge within 14 days after the notice is given to you.

Further charge if charge under subsection (2) remains unpaid

 (6) If any of the *general interest charge to which you are liable under subsection (2) remains unpaid at the end of the 14 days referred to in subsection (5), you are also liable to pay the *general interest charge on the unpaid amount for each day in the period that:
 (a) starts at the end of those 14 days; and
 (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
 (i) the unpaid amount;
 (ii) general interest charge on the unpaid amount.

45‑233  Reduction in GIC liability under section 45‑232 if shortfall is made up in later instalment

 (1) This section reduces the amount (the shortfall) on which you are liable to pay the *general interest charge under subsection 45‑232(2) if, for a later *instalment quarter (the later quarter) that is in the same income year as the variation quarter, the amount worked out as follows is a negative amount:
That amount (expressed as a positive number) is called the top up.

 (2) For the purposes of the formula in subsection (1):

actual amount of your instalment for the later quarter means:
 (a) the amount of your instalment for the later quarter,