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
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.
You are eligible to elect to pay GST by instalments if:
(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
S 162-5(1) amended by No 52 of 2016, s 3 and Sch 1 items 29 and 30, by substituting "position; and" for "position." in para (e) and inserting para (f), applicable in relation to working out net amounts for tax periods starting on or after 1 July 2017. See note under Subdiv 38-T heading.
S 162-5(1) amended by No 80 of 2007, s 3 and Sch 2 item 30, by substituting para (a), applicable in relation to net amounts for tax periods starting on or after 1 July 2007. Para (a) formerly read:
(a) you do not exceed the *instalment turnover threshold; and
The instalment turnover threshold is:
(a) $2 million; or
(b) such higher amount as the regulations specify.
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|| |
|Item||If your *current GST lodgment record is ...||Take into account this period to work out whether you are in a net refund position:|
|1||at least 13 months||the 12 months preceding the current tax period applying to you|
|2||at least 10 months, but less than 13 months||the 9 months preceding that current tax period|
|3||at least 7 months, but less than 10 months||the 6 months preceding that current tax period|
|4||less than 7 months||the 3 months preceding that current tax period|
S 162-5(3) amended by No 39 of 2012, s 3 and Sch 1 item 101, by substituting "*assessed net amounts" for "*net amounts", applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012.
(Repealed by No 39 of 2012)
S 162-5(4) repealed by No 39 of 2012, s 3 and Sch 4 item 6, effective 15 April 2012. S 162-5(4) formerly read:
(4) In working out *net amounts for the purposes of subsection (3), disregard any entitlements you had to special credits, under section 16 of the A New Tax System (Goods and Services Tax Transition) Act 1999, that were attributable to any of the tax periods referred to in that subsection.
S 162-5 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.