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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.195

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

             (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:

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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