Document ID: chunk:federal_register_of_legislation:C2004A00636:clause:1_16:p5
Version: federal_register_of_legislation:C2004A00636
Segment Type: clause
Provision Reference: sch 1 cl 16 (pt 5/6)
Character Range: 18483–21273

so liable to be assessed and to pay tax, except so much of that amount as is attributable to a *capital gain made by the trust during that income year.

45‑485  Working out your adjusted withholding income

 (1) Your adjusted withholding income for the *base year is worked out using the formula:

 (2) For the purposes of the formula in subsection (1):

net withholding income of the trust means:
 • the total of the amounts included in the trust's assessable income for the *base assessment in respect of *withholding payments (except *non‑quotation withholding payments);
reduced by:
 • the trust's deductions for that year, as used in making that assessment, to the extent that they reasonably relate to those amounts.

reduced net income of the trust has the meaning given by subsection 45‑480(2).

relevant share has the meaning given by subsection 45‑480(2).

How Commissioner works out benchmark instalment rate and benchmark tax for a multi‑rate trustee

45‑525  When Commissioner works out benchmark instalment rate and benchmark tax

 (1) The Commissioner may work out your *benchmark instalment rate for an income year (the variation year) if, under section 45‑205, you choose an instalment rate to work out the amount of your instalment for an *instalment quarter in that year.

 (2) 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.

 (3) The Commissioner may work out your *benchmark tax for an income year (the variation year) if, under paragraph 45‑115(1)(c) or 45‑175(1)(b), you estimate the amount of your annual instalment for that year.

45‑530  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 the trust's assessable income for the variation year as the Commissioner determines is *instalment income for that year.

45‑535  Working out your benchmark tax

Benchmark tax if no withholding income

 (1) Your benchmark tax is your *adjusted assessed tax (worked out under section 45‑375) on the *reduced beneficiary's share, or the *reduced no beneficiary's share, as appropriate, of the net income of the trust for the variation year.

Benchmark tax if you had withholding income

 (2) However, your benchmark tax (as worked out