Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 775028–777053

4                                   the fourth in that income year for which you are liable to pay an instalment  the lower of:
                                                                                                                  (a) the amount that the Commissioner would have notified to you under paragraph 45‑112(1)(a) as the amount of your instalment for that *instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45‑L; and
                                                                                                                  (b) the amount worked out by subtracting:
                                                                                                                  • the total of the *acceptable amounts of your instalments for the earlier instalment quarters in that income year;
                                                                                                                   from:
                                                                                                                  • 100% of your *benchmark tax for the income year (which the Commissioner works out under section 45‑365).

 (3A) Subject to subsections (3B), (3C) and (3D), if you are a *quarterly payer who pays 2 instalments annually on the basis of GDP‑adjusted notional tax, the acceptable amount of your instalment for an *instalment quarter in an income year is:
 (a) if the amount of the instalment is worked out under paragraph 45‑112(1)(b) or (c)—the amount worked out using the table in this subsection (which can be a negative amount); or
 (b) otherwise—the amount notified to you by the Commissioner under paragraph 45‑112(1)(a) as the amount of your instalment for that instalment quarter.

Acceptable amount of an instalment
Item                                If the *instalment quarter is:                      The acceptable amount of your instalment for that instalment quarter is: