Payment in instalments: commissioner may allow phased tax payments subject to interest and prescribed conditions; default accelerates recovery. On application by a taxable person, the Commissioner may, for reasons recorded in writing, extend the time for payment or allow payment of any amount due, other than self-assessed liabilities in returns, by monthly instalments not exceeding twenty four, subject to payment of interest and prescribed conditions; default of any instalment makes the whole outstanding balance immediately due and liable for recovery without further notice.