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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.170

What this Subdivision is about

There are 3 circumstances where a penalty can arise if a varied instalment amount is too low:

               (a)     your payments are too low a proportion of your annual GST liability (see section 162-175);

              (b)     your estimated annual GST amount is too low a proportion of your annual GST liability (see section 162-180);

               (c)     the varied instalment amount is too low a proportion of your estimated annual GST amount (see section 162-185).

The penalty is based on the general interest charge rate, and the machinery provisions of Division 298 in Schedule 1 to the Taxation Administration Act 1953 apply.

Note:          This section is an explanatory section.



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