## Commonwealth Consolidated Acts

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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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