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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.5

Eligibility to elect to pay GST by instalments

             (1)  You are eligible to elect to pay GST by instalments if:

                     (a)  either:

                              (i)  you are a * small business entity (other than because of subsection 328-110(4) of the * ITAA 1997) for the * income year in which you make your election; or

                             (ii)  you do not carry on a * business and your * GST turnover does not exceed the * instalment turnover threshold; and

                     (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

                     (e)  you are not in a * net refund position; and

                      (f)  you are not a * limited registration entity.

             (2)  The instalment turnover threshold is:

                     (a)  $2 million; or

                     (b)  such higher amount as the regulations specify.

             (3)  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



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