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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-A - Electing to pay GST by instalments    View history reference

162-5  Eligibility to elect to pay GST by instalments  

 View history reference

(1)  

You are eligible to elect to pay GST by instalments if:


(a) either:

(i) you are a *small business entity (other than because of subsection 328-110(4) of the *ITAA 1997) for the *income year in which you make your election; or

(ii) you do not carry on a *business and your *GST turnover does not exceed the *instalment turnover threshold; and
 View history reference


(b) the current tax period applying to you is not affected by:


(i) an election under section 27-10 (election of one month tax periods); or

(ii) a determination under section 27-15 (determination of one month tax periods); or

(iii) a determination under section 27-37 (special determination of tax periods on request); and


(c) your *current GST lodgment record is at least 4 months; and


(d) you have complied with all your obligations to give *GST returns to the Commissioner; and


(e) you are not in a *net refund position; and
 View history reference


(f) you are not a *limited registration entity.
 View history reference

(2)  

The instalment turnover threshold is:


(a) $2 million; or


(b) such higher amount as the regulations specify.

(3)  

 View history reference
You are in a net refund position if the sum of all your *assessed net amounts is less than zero, for the tax periods for which *GST returns fell due during the period referred to in the relevant item in the third column of this table.
When you are in a net refund position 
ItemIf your *current GST lodgment record is ...Take into account this period to work out whether you are in a net refund position:
1at least 13 monthsthe 12 months preceding the current tax period applying to you
.......... 
2at least 10 months, but less than 13 monthsthe 9 months preceding that current tax period
.......... 
3at least 7 months, but less than 10 monthsthe 6 months preceding that current tax period
.......... 
4less than 7 monthsthe 3 months preceding that current tax period

(4)  

(Repealed by No 39 of 2012)


 



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