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of <h1>Taxpayers must file current income statement or estimate and pay advance tax in instalments; revise if income rises over thresholds</h1> Every person whose current income is likely to exceed the threshold must, by prescribed dates, deliver to the tax officer a statement or estimate of current income and advance tax and pay advance tax in equal instalments as applicable; previously assessed taxpayers submit a statement, others an estimate. Taxpayers may revise estimates and adjust installments; if estimated current income increases advance tax by more than 33 1/3% (20% for companies), an updated estimate must be filed and additional instalments paid. The Commissioner may grant a short extension in specified cases. Statements/estimates must follow prescribed form, verification, and 'current income' excludes capital gains and certain specified income.
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