Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:2_5
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 2 cl 5
Character Range: 54315–55647

5  Sections 45‑50 and 45‑55 in Schedule 1
Repeal the sections, substitute:

45‑50  Liability to pay instalments

 (1) Subject to subsection (4), you are liable to pay an instalment for an *instalment quarter in an income year if, at the end of that instalment quarter, you are:
 (a) a *quarterly payer who pays 4 instalments annually on the basis of GDP‑adjusted notional tax; or
 (b) a *quarterly payer who pays on the basis of instalment income.

 (2) Subject to subsection (4), you are liable to pay an instalment for an *instalment quarter that is the third or fourth instalment quarter in an income year if, at the end of that quarter, you are a *quarterly payer who pays 2 instalments annually on the basis of GDP‑adjusted notional tax.

 (3) Subject to subsection (4), you are liable to pay an instalment for an income year if, at the end of the *starting instalment quarter in that year, you are an *annual payer.

Note: You may be liable to pay both an instalment for an income year and instalments for instalment quarters in that income year. See section 45‑150.

 (4) You are only liable to pay an instalment for an *instalment quarter or an income year if:
 (a) the Commissioner has given you an instalment rate; and
 (b) the Commissioner has not withdrawn your instalment rate before the end of that quarter or year.