Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:10_14
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 10 cl 14
Character Range: 244028–245743

14  After section 45‑230 in Schedule 1
Insert:

45‑232  Liability to GIC on shortfall in quarterly instalment worked out on the basis of estimated benchmark tax

 (1) You are liable to pay the *general interest charge under this section if:
 (a) the amount of your instalment for an *instalment quarter (the variation quarter) in an income year is worked out under paragraph 45‑112(1)(b) or (c) on the basis of your estimate of your *benchmark tax for that income year; and
 (b) the estimate used is less than 85% of your *benchmark tax for the income year (which the Commissioner works out under section 45‑365).

Amount on which the charge is payable

 (2) You are liable to pay the *general interest charge on the amount worked out as follows (if it is a positive amount):
where:

actual amount means:
 (a) the amount of your instalment, as worked out on the basis of the estimate; or
 (b) if, as a result of using the estimate, you claimed a credit under section 45‑420 for the variation quarter—the amount of the credit, expressed as a negative amount.

 (3) 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: