Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_70:p2
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 70 (pt 2/4)
Character Range: 115681–118290

1988.

45‑10  Application of Part

  This Part applies to individuals, companies, and the entities listed in items 3 and 4, and 6 to 12, of the table in section 9‑1 of the Income Tax Assessment Act 1997 (which lists the entities that must pay income tax).

Note: This Part applies to a trustee covered by item 5 in that table only to the extent set out in section 45‑300.

45‑15  Liability for instalments

 (1) The Commissioner may give you an instalment rate from time to time, by giving you written notice of the rate.

 (2) You are liable to pay instalments under this Division if the Commissioner has given you an instalment rate.

Note 1: The instalment rate that the Commissioner gives you is worked out under section 45‑320.

Note 2: If your assessable income has always consisted wholly of withholding payments (other than non‑quotation withholding payments), the Commissioner will not give you an instalment rate.

Note 3: Work out the amount of your instalments under Subdivision 45‑C.

Note 4: If the Commissioner withdraws the rate under section 45‑90, you are not liable to pay further instalments.

45‑20  Information to be given to the Commissioner

 (1) If you are liable to pay an instalment for a period (even if it is a nil amount), you must notify the Commissioner of the amount of your *instalment income for the period.

 (2) You must notify the Commissioner in the *approved form and on or before the day when the instalment is due (regardless of whether it is paid).

Exceptions

 (3) Subsection (1) does not apply to:
 (a) a quarterly instalment worked out under section 45‑112 (on the basis of GDP‑adjusted notional tax); or
 (b) an annual instalment, unless it is worked out under paragraph 45‑115(1)(a) (based on the Commissioner's rate and your instalment income for the income year).

45‑25  Penalty for failure to notify Commissioner

  If you fail to notify the Commissioner of an amount as required by section 45‑20, or you notify an amount that is less than the correct amount, you are liable to pay the *failure to notify penalty on the amount, or on the shortfall, multiplied by the instalment rate that you are required to use to work out the instalment for the period, for each day in the period that:
 (a) started at the beginning of the day by which the amount was due to be paid; and
 (b) finishes at the end of the day before you notify the Commissioner of the correct amount, or he or she otherwise becomes aware of it.

45‑30  Credit for instalments payable

 (1) You are entitled to a credit when the Commissioner:
 (a) makes an assessment of the income tax