Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 777588–779522

2                                   the fourth *instalment quarter in that income year  the lower of:
                                                                                        (a) the amount that the Commissioner would have notified to you under paragraph 45‑112(1)(a) as the amount of your instalment for that *instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45‑L; and
                                                                                        (b) the amount worked out by subtracting:
                                                                                        • the *acceptable amount of your instalment for the earlier instalment quarter in that income year;
                                                                                         from:
                                                                                        • 100% of your *benchmark tax for the income year (which the Commissioner works out under section 45‑365).

 (3B) If:
 (a) you are a *quarterly payer who pays 2 instalments annually on the basis of GDP‑adjusted notional tax; and
 (b) the Commissioner first gives you an instalment rate during the second *instalment quarter in an income year;
the acceptable amount of your instalment for an instalment quarter in that income year is:
 (c) 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
 (d) 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: