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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

162-145  Your annual GST liability  

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(1)  

Your annual GST liability, for an *instalment tax period that is a *financial year, is the amount that would be your *net amount for the period if it were not reduced under section 162-105.

(2)  

Your annual GST liability, for an *instalment tax period that is only part of a *financial year, is the sum of:


(a) the amount that would be your *net amount for the period if it were not reduced under section 162-105; and


(b) your *early net amounts for the financial year (subtracting any of those amounts that are less than zero).

(3)  

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Your early net amounts for the *financial year are your *assessed net amounts for any tax periods that:


(a) started, or would but for section 27-35 have started, at the start of or during that financial year; and


(b) ended before the start of the *instalment tax period applying to you that forms part of that financial year.

Note:

Under section 27-35, the start or finish of a 3 month tax period could vary by up to 7 days from the start or finish of a normal quarter.


 



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