Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p15
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 15/18)
Character Range: 817291–820041

the amount of your instalment for an *instalment quarter in that year.
 (1A) The Commissioner may work out your *benchmark tax for an income year (the variation year) if, under paragraph 45‑112(1)(b) or (c), the amount of your instalment for an *instalment quarter in an income year is worked out on the basis of your estimate of your *benchmark tax for that income year.
 (2) The Commissioner may work out your *benchmark tax for an income year (the variation year) if, under paragraph 45‑115(1)(c), you estimate the amount of your annual instalment for that year.

45‑360  How Commissioner works out benchmark instalment rate
 (1) Your benchmark instalment rate for the variation year is the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:
However, your benchmark instalment rate is a nil rate if either component of the formula is nil.
 (2) For the purposes of the formula in subsection (1):
variation year instalment income means so much of your assessable income for the variation year as the Commissioner determines is *instalment income for that year.

45‑365  Working out your benchmark tax

Benchmark tax if you had no withholding income
 (1) Your benchmark tax is your *adjusted assessed tax (worked out under section 45‑375) on your *adjusted assessed taxable income (worked out under section 45‑370) for the variation year.

Benchmark tax if you have no‑TFN contributions income
 (1A) In working out the benchmark tax of a *complying superannuation fund, *non‑complying superannuation fund or *RSA provider for the variation year, assume that the entity had no *no‑TFN contributions income for the variation year and that the entity was not entitled to a *tax offset for the variation year under Subdivision 295‑J of the Income Tax Assessment Act 1997.

Benchmark tax if you had withholding income
 (2) However, your benchmark tax (as worked out under subsection (1)) is reduced if your assessable income for the variation year includes amounts in respect of *withholding payments.
 (3) It is reduced (but not below nil) by the sum of:
 (a) the total amount of the credits to which you are entitled for the variation year under section 18‑15 (for amounts withheld from withholding payments made to you during the variation year); and
 (b) the total amount of the credits to which you are entitled for the variation year under section 18‑27 (for amounts paid under Division 13 in respect of amounts included in your assessable income under section 86‑15 of the Income Tax Assessment Act 1997).

45‑370  Working out your adjusted assessed taxable income for the variation year
 (1) Your adjusted assessed taxable income for the variation year is your taxable income for the