A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-7 - Special rules mainly about returns, payments and refunds  

Note:

The special rules in this Part mainly modify the operation of Part 2-7, but they may affect other Parts of Chapter 2 in minor ways.

Division 162 - Payment of GST by instalments    View history reference

Subdivision 162-C - GST instalments    View history reference

162-140  Varied instalment amounts  

 View history reference

(1)  

You may, by notifying the Commissioner in the *approved form, substitute another amount for:


(a) your *notified instalment amount for a *GST instalment quarter; or


(b) if paragraph 162-130(3)(b) applies to a GST instalment quarter - your *GST instalment for the preceding GST instalment quarter.

The amount substituted is your varied instalment amount for the GST instalment quarter.

(2)  

The amount substituted must not be less than zero.

(3)  

You must give the notice to the Commissioner on or before the day on which the *GST instalment for the *GST instalment quarter is due.

(4)  

You must include in the notice an estimate of your *annual GST liability relating to the *instalment tax period in question. This estimate is your estimated annual GST amount relating to the *GST instalment quarter.

Note 1:

You may be liable to penalty under Subdivision 162-D if your variation of the notified instalment amount is too much of an underestimate of your total GST liability.

Note 2:

Your estimated annual GST amount is taken to be zero if it would otherwise be less than zero (see subsection (6)).

(5)  

However, if paragraph 162-130(3)(b) applies to a *GST instalment quarter but you do not, under subsection (1) of this section, substitute another amount by notifying the Commissioner in the *approved form:


(a) your varied instalment amount for the GST instalment quarter is 25% of your *estimated annual GST amount relating to the preceding GST instalment quarter; and


(b) your estimated annual GST amount relating to the GST instalment quarter is your *estimated annual GST amount relating to the preceding GST instalment quarter.

(6)  

 View history reference
Your estimated annual GST amount relating to the *GST instalment quarter is zero if, apart from this subsection, this estimate would be less than zero.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page