Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:2_34:p1
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 2 cl 34 (pt 1/2)
Character Range: 74546–77193

34  After section 45‑410 in Schedule 1
Insert:

45‑412  Working out amount of instalment—payers of 2 quarterly instalments

 (1) This section applies if you are a *quarterly payer who pays 2 instalments annually on the basis of GDP‑adjusted notional tax at the end of an *instalment quarter in an income year.

 (2) If you are liable to pay an instalment for that quarter, the amount of that instalment for the purposes of paragraph 45‑112(1)(b) or (c) is:
 (a) the amount worked out, in accordance with this section, on the basis of the estimate of your *benchmark tax for that income year that section 45‑415 requires to be used, if that amount is positive; or
 (b) otherwise—nil.

Note: If the amount is negative, you can claim a credit under section 45‑420.

Instalment for third quarter

 (3) Subject to subsections (5) to (9), the amount of the instalment for the third *instalment quarter in that year is 75% of the estimate of your *benchmark tax.

Instalment for fourth quarter

 (4) Subject to subsections (5) to (9), the amount of the instalment for the fourth *instalment quarter in that year is worked out by subtracting:
 (a) the amount of your instalment for the earlier instalment quarter in that year;
from:
 (b) the estimate of your *benchmark tax.

You receive instalment rate for the first time in second quarter

 (5) If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in the income year, the amount of the instalment for the third *instalment quarter in that year is 50% of the estimate of your *benchmark tax.

 (6) If the Commissioner gives you an instalment rate for the first time during the second *instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting:
 (a) the amount of your instalment for the earlier instalment quarter in that year;
from:
 (b) 75% of the estimate of your *benchmark tax.

You receive instalment rate for the first time in third quarter

 (7) If the Commissioner gives you an instalment rate for the first time during the third *instalment quarter in the income year, the amount of the instalment for the third instalment quarter in that year is 25% of the estimate of your *benchmark tax.

 (8) If the Commissioner gives you an instalment rate for the first time during the third *instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting:
 (a) the amount of your instalment for the earlier instalment quarter in that year;
from:
 (b) 50% of the estimate of your