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.
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.
162-185 Shortfall in GST instalments worked out on the basis of estimated annual GST amount
(a) you have a *varied instalment amount for the GST instalment quarter; and
(b) you are not liable to pay a penalty, for the GST instalment quarter, under section 162-175 or 162-180; and
(c) the amount worked out by multiplying your *estimated annual GST amount relating to the GST instalment quarter by the *appropriate percentage for the GST instalment quarter exceeds the sum of:
(i) the varied instalment amount; and
(ii) all your other *GST instalments (if any) for earlier GST instalment quarters of the *instalment tax period in question; and
(iii) if the instalment tax period is only part of a *financial year - your *early net amounts for the financial year (subtracting any of those amounts that are less than zero).
(a) for each day in the period in section 162-190; and
(b) in the way set out in subsection 8AAC(4) of the Taxation Administration Act 1953;
to your *GST instalment shortfall, under this section, for the *GST instalment quarter.
S 162-185 inserted by No 73 of 2001, s 3 and Sch 1 item 29, applicable in relation to net amounts for tax periods starting, or that started, on or after 1 July 2000.