Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:2_14:p1
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 2 cl 14 (pt 1/4)
Character Range: 59080–61658

14  Sections 45‑125 and 45‑130 in Schedule 1
Repeal the sections, substitute:

45‑125  Quarterly payer who pays instalments on the basis of instalment income

 (1) You are a quarterly payer who pays on the basis of instalment income if:
 (a) at the end of the *starting instalment quarter in an income year, you are not a *quarterly payer who pays on the basis of GDP‑adjusted notional tax and you are not an *annual payer; or
 (b) but for this section, you would be a quarterly payer who pays on the basis of GDP‑adjusted notional tax at the end of the starting instalment quarter in an income year but you choose to pay quarterly instalments on the basis of your instalment income.

Note: The entity must make the choice mentioned in paragraph (b) in accordance with subsection (4).

 (2) The starting instalment quarter in an income year (the current year) is:
 (a) if the Commissioner gives you an instalment rate for the first time during an *instalment quarter in the current year—that instalment quarter (even if it is not the first instalment quarter in the current year); or
 (b) if the Commissioner has given you an instalment rate during a previous income year and your instalment rate has not been withdrawn—the first instalment quarter in the current year; or
 (c) if you become liable to pay an instalment for an instalment quarter in the current year because of subsection 45‑150(2)—that instalment quarter (even if it is not the first instalment quarter in the current year).

How and when you become such a payer

 (3) You become a *quarterly payer who pays on the basis of instalment income just before the end of the *starting instalment quarter if paragraph (1)(a) or (b) is satisfied.

 (4) You must make the choice mentioned in paragraph (1)(b) by notifying the Commissioner in the *approved form on or before the day on which the instalment for that quarter is due (disregarding subsection 45‑112(3)).

How and when you stop being such a payer

 (5) If you are a *quarterly payer who pays on the basis of instalment income because of paragraph (1)(a), you stop being such a payer at the start of the first *instalment quarter in the next income year if, at the end of that quarter, you become:
 (a) a *quarterly payer who pays on the basis of GDP‑adjusted notional tax; or
 (b) an *annual payer.

 (6) If you are a *quarterly payer who pays on the basis of instalment income because of paragraph (1)(b), you stop being such a payer at the start of the first *instalment quarter in the next income year if:
 (a) you become an *annual payer at the end of