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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

162-195  Reduction in penalties if notified instalment amount is less than 25% of annual GST liability  

 View history reference

(1)  

This section reduces your *GST instalment shortfall, for a *GST instalment quarter of an *instalment tax period applying to you, if:


(a) you are liable to pay a penalty under section 162-175 or 162-180 for a *GST instalment quarter of an *instalment tax period applying to you; and


(b) for that or any other GST instalment quarter of an *instalment tax period:


(i) you have a *notified instalment amount that is less than 25% of your *annual GST liability for the instalment tax period; or

(ii) you do not have a notified instalment amount, but the Commissioner is satisfied that, if you had such a notified instalment amount, it would be less than 25% of your annual GST liability for the instalment tax period.

(2)  

The *GST instalment shortfall is reduced by the amount worked out as follows:

Formula


where:

notified and other amounts is the sum of:


(a) the *notified instalment amount, or, if you do not have a notified instalment amount for the *GST instalment quarter, the amount that the Commissioner is satisfied would have otherwise been that notified instalment amount; and


(b) for each of the earlier GST instalment quarters (if any) of the *instalment tax period in question:


(i) the notified instalment amount; or

(ii) if you do not have a notified instalment amount for the *GST instalment quarter - the amount that the Commissioner is satisfied would have otherwise been that notified instalment amount; and


(c) 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).

(3)  

If, because of the reduction, your *GST instalment shortfall for the *GST instalment quarter is zero or less than zero, you are not liable to pay a penalty under section 162-175 or 162-180 (as the case requires) in relation to the GST instalment quarter.

(4)  

If both this section and section 162-200 apply to a particular *GST instalment shortfall, apply this section to the shortfall before applying section 162-200.


 



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