Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p4
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 4/18)
Character Range: 790121–792689

the income year was due to be paid; and
 (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid.
 (5) The Commissioner must give you written notice of the *general interest charge to which you are liable under subsection (2) or (3). You must pay the charge within 14 days after the notice is given to you.
 (6) If any of the *general interest charge to which you are liable under subsection (2) or (3) 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.

45‑240  Commissioner may remit general interest charge
  The Commissioner may, if he or she is satisfied that because special circumstances exist it would be fair and reasonable to do so, remit the whole or any part of any *general interest charge payable under subsection 45‑230(2) or 45‑232(2) or subsection 45‑235(2) or (3).

Subdivision 45‑H—Partnership income

45‑260  Instalment income for a period in which you are in a partnership
 (1) Your instalment income for a period (the current period) includes an amount for each partnership in which you are a partner at any time during the current period. The amount is worked out using the formula:

 (2) For the purposes of the formula in subsection (1):
your assessable income from the partnership for the last income year means so much of your individual interest in the partnership's net income for an income year as was included by section 92 of the Income Tax Assessment Act 1936 in your assessable income for the most recent income year:
 (a) that ended before the start of the current period; and
 (b) for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income.
 (3) However, if for any reason the component defined in subsection (2) does not exist or is a nil amount, or the partnership had no *instalment income for that income year, your instalment income for the current period includes, for that partnership, an amount that is fair and reasonable having regard to:
 (a) the extent of your interest in the partnership during the current period; and
 (b) the partnership's *instalment income for the current period; and
 (c) any other relevant circumstances.

Exception for corporate