(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).