Document ID: chunk:federal_register_of_legislation:C2015C00338:clause:1_4:p3
Version: federal_register_of_legislation:C2015C00338
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 3/17)
Character Range: 23611–26150

Step 1: The instalment of $15m for the first instalment quarter ($100m x 15%), plus the instalment of $12m for the second instalment quarter ($80m x 15%) gives a total step 1 amount of $27m.
 Step 2: No earlier credits have been claimed, so there is no amount to subtract from the step 1 amount—the step 2 amount is $27m.
 Step 3: The total of the instalment income for the earlier quarters is $180m, multiplied by the rate for the current quarter (12%), equals $21.6m.
 Step 4: $27m ‑ $21.6m = $5.4m.
 Step 5: The miner has a credit of $5.4m.
 The miner also has an instalment liability for the current quarter of $8.4m ($70m x 12%).
 After applying the $5.4m credit, the miner will be liable to pay an amount of $3m for the quarter.
 (2) A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.
Note: How the credit is applied is set out in Division 3 of Part IIB.
 (3) The credit entitlement does not affect your liability to pay an instalment.

General interest charge payable in certain cases if instalments are too low

115‑65  Liability to GIC on shortfall in instalments worked out on the basis of varied rate
 (1) You are liable to pay the *general interest charge under this section if:
 (a) an instalment rate (the varied rate) you choose under section 115‑50 is your *applicable instalment rate for an *instalment quarter (the variation quarter) in an *MRRT year; and
 (b) the varied rate is less than 85% of your *benchmark instalment rate for the MRRT year.
Note: For the Commissioner's power to remit general interest charge, see section 8AAG.
 (2) You are liable to pay the *general interest charge on the amount worked out as follows:

where:
credit adjustment means:
 (a) if, as a result of using the varied rate for the variation quarter, you claimed a credit under section 115‑60—the amount worked out as follows:

  or the sum of the amounts of the credits, whichever is less; and
 (b) otherwise—nil.
rate discrepancy means the difference between the varied rate and the lesser of:
 (a) the rate that would have been your *applicable instalment rate for the variation quarter if you did not choose an instalment rate for the variation quarter or an earlier *instalment quarter in the *MRRT year; and
 (b) your *benchmark instalment rate for that MRRT year.
 (3) 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;