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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-D - Penalty payable in certain cases if varied instalment amounts are too low    View history reference

162-185  Shortfall in GST instalments worked out on the basis of estimated annual GST amount  

 View history reference

(1)  

You are liable to pay a penalty, for a *GST instalment quarter of an *instalment tax period applying to you, if:


(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).

(2)  

The amount of the penalty, for a particular day, is worked out by applying the *general interest charge:


(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.

(3)  

Your GST instalment shortfall, under this section, for the *GST instalment quarter is the amount of the excess referred to in paragraph (1)(c).


 



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