Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p11
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 11/20)
Character Range: 145484–148137

out the amount of an instalment using an instalment rate you have chosen under section 45‑205, you must specify that rate in the notice about your instalment income that you must give the Commissioner under section 45‑20.

45‑215  Credit on using varied rate in certain cases

 (1) You are entitled to claim a credit if:
 (a) the amount of your instalment for an *instalment quarter (the current quarter) in an income year is to be worked out using an instalment rate you chose under section 45‑205; and
 (b) either:
 (i) that rate is lower than the instalment rate you used to work out the amount of your instalment for the previous instalment quarter (if any) in the same income year; or
 (ii) the amount of your instalment for a previous instalment quarter in the same income year was the amount notified to you by the Commissioner under section 45‑112 (because you were a quarterly payer on the basis of GDP‑adjusted notional tax); and
 (c) the amount worked out using the method statement is greater than nil.

      Method statement
           Step 1. Add up the instalments you are liable to pay for the earlier *instalment quarters in the income year (even if you have not yet paid all of them).
           Step 2. Subtract from the step 1 amount each earlier credit that you have claimed under this section in respect of the income year.
           Step 3. Multiply the total of your *instalment income for those earlier *instalment quarters by the instalment rate to be used for the current quarter.
           Step 4. Subtract the step 3 amount from the step 2 amount.
           Step 5. If the result is a positive amount, it is the amount of the credit you can claim.
 (2) A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.

Note: How the credit is applied is set out in Division 3 of Part IIB.

 (3) The credit entitlement does not affect your liability to pay an instalment.

Subdivision 45‑G—General interest charge payable in certain cases if instalments are too low

Table of sections

45‑230 Liability to GIC on shortfall in quarterly instalment and on any excess credit under section 45‑215
45‑235 Liability to GIC on shortfall in annual instalment
45‑240 Commissioner may remit general interest charge

45‑230  Liability to GIC on shortfall in quarterly instalment and on any excess credit under section 45‑215

 (1) You are liable to pay the *general interest charge under this section if:
  (a) you use an instalment rate (the varied rate) under section 45‑205 to work out the amount of your instalment for an *instalment quarter (the variation