Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.80

Certain entities pay only 2 GST instalments for each year

             (1)  If:

                     (a)  you are a * GST instalment payer for an * instalment tax period; and

                     (b)  subsection (2) applies to you;

section 162-70 has effect as if you are only required to pay * GST instalments for the last 2 * GST instalment quarters for the instalment tax period.

             (2)  This subsection applies to you if:

                     (a)  both of the following conditions are satisfied:

                              (i)  you are carrying on a * primary production business in an * income year corresponding to, or ending during, the * instalment tax period;

                             (ii)  the * assessable income that was * derived from, or resulted from, a primary production business that you carried on in the * base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income; or

                     (b)  both of the following conditions are satisfied:

                              (i)  you are a * special professional in an income year corresponding to, or ending during, the instalment tax period;

                             (ii)  your * assessable professional income in the base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income.



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