Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p10
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 10/18)
Character Range: 804757–807450

year that is or includes the current period; or
 (b) a *complying superannuation fund or a *non‑complying superannuation fund for that year; or
 (c) a *pooled superannuation trust for that year.
 (3) It does not apply in the case of a *life insurance company to the extent that the share of the trust's net income is included in the *complying superannuation class of its taxable income for the income year that is or includes the current period.

Subdivision 45‑J—How Commissioner works out your instalment rate and notional tax

Table of sections
45‑320 Working out instalment rate
45‑325 Working out your notional tax
45‑330 Working out your adjusted taxable income
45‑335 Working out your adjusted withholding income
45‑340 Adjusted tax on adjusted taxable income or on adjusted withholding income

45‑320  Working out instalment rate
 (1) Except as provided by section 45‑775, an instalment rate that the Commissioner gives you must be the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:
However, the instalment rate must be a nil rate if either component of the formula is nil.
 (2) For the purposes of the formula in subsection (1):
base assessment instalment income means so much of your assessable income, as worked out for the purposes of the *base assessment, as the Commissioner determines is *instalment income for the *base year.
 (3) The base assessment is the latest assessment for your most recent income year for which an assessment has been made. However, if the Commissioner is satisfied that there is a later income year for which you do not have a taxable income, the base assessment is the latest return or other information from which an assessment for that income year would have been made.
 (4) The base year is the income year to which the *base assessment relates.
 (5) When the Commissioner gives you the instalment rate, he or she must also notify you of the amount of your *notional tax, as worked out for the purposes of working out the instalment rate.

45‑325  Working out your notional tax

Notional tax if you have no withholding income
 (1) Your notional tax is your *adjusted tax (worked out under section 45‑340) on your *adjusted taxable income (worked out under section 45‑330) for the *base year.

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