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 4/13)
Character Range: 837327–839965

you can claim a credit under section 45‑420.

Instalment for third quarter
 (3) Subject to subsections (5) to (9), the amount of the instalment for the third *instalment quarter in that year is 75% of the estimate of your *benchmark tax.

Instalment for fourth quarter
 (4) Subject to subsections (5) to (9), the amount of the instalment for the fourth *instalment quarter in that year is worked out by subtracting:
 (a) the amount of your instalment for the earlier instalment quarter in that year;
from:
 (b) the estimate of your *benchmark tax.

You receive instalment rate for the first time in second quarter
 (5) If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in the income year, the amount of the instalment for the third *instalment quarter in that year is 50% of the estimate of your *benchmark tax.
 (6) If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting:
 (a) the amount of your instalment for the earlier instalment quarter in that year;
from:
 (b) 75% of the estimate of your *benchmark tax.

You receive instalment rate for the first time in third quarter
 (7) If the Commissioner gives you an instalment rate for the first time during the third *instalment quarter in the income year, the amount of the instalment for the third instalment quarter in that year is 25% of the estimate of your *benchmark tax.
 (8) If the Commissioner gives you an instalment rate for the first time during the third *instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting:
 (a) the amount of your instalment for the earlier instalment quarter in that year;
from:
 (b) 50% of the estimate of your *benchmark tax.

You receive instalment rate for the first time in fourth quarter
 (9) If the Commissioner gives you an instalment rate for the first time during the fourth *instalment quarter in the income year, the amount of the instalment for that quarter is 25% of the estimate of your *benchmark tax.

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 on the basis of your estimate of your *benchmark tax for that income year, you must make the estimate on or before the day on which the instalment is due (disregarding subsection 45‑112(3)).
 (2) Having done so, you must use that estimate