Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:10_18:p1
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 10 cl 18 (pt 1/2)
Character Range: 253602–256323

18  At the end of Division 45 in Schedule 1
Add:

Subdivision 45‑M—How amount of quarterly instalment is worked out on basis of your estimate of your benchmark tax

Table of sections

45‑410 Working out amount of instalment
45‑415 Estimating your benchmark tax
45‑420 Credit in certain cases where amount of instalment is nil

45‑410  Working out amount of instalment

 (1) For the purposes of paragraph 45‑112(1)(b) or (c), the amount of your instalment for an *instalment quarter in an income year is:
 (a) the amount worked out, in accordance with this section, on the basis of the estimate of your *benchmark tax for that income year that section 45‑415 requires to be used, if that amount is positive; or
 (b) otherwise—nil.

Note: If the amount is negative, you can claim a credit under section 45‑420.

First instalment quarter

 (2) If the *instalment quarter is the first in that income year for which you are liable to pay an instalment, the amount is 25% of the estimate of your *benchmark tax.

Second instalment quarter

 (3) If the *instalment quarter is the second in that income year for which you are liable to pay an instalment, the amount is worked out by subtracting:
 • the amount of your instalment under section 45‑112 for the earlier *instalment quarter in that income year;
from:
 • 50% of the estimate of your *benchmark tax.

Third instalment quarter

 (4) If the *instalment quarter is the third in that income year for which you are liable to pay an instalment, the amount is worked out using this method statement.

       Method statement
            Step 1. The total of your instalments under section 45‑112 for earlier *instalment quarters in that income year is subtracted from 75% of the estimate of your *benchmark tax.
            Step 2. If you were entitled to claim a credit under section 45‑420 for the second of those earlier *instalment quarters, the amount of the credit is added to the step 1 amount.

Fourth instalment quarter

 (5) If the *instalment quarter is the fourth in that income year for which you are liable to pay an instalment, the amount is worked out using this method statement.

       Method statement
            Step 1. The total of your instalments under section 45‑112 for earlier *instalment quarters in that income year is subtracted from the estimate of your *benchmark tax.
            Step 2. For each credit that you were entitled to claim under section 45‑420 for any of those earlier *instalment quarters, the amount of the credit is added to the step 1 amount.
45‑415  Estimating your benchmark tax

 (1) If you choose under paragraph 45‑112(1)(b) to work out the amount of your instalment for an *instalment quarter in an income year