A New Tax System (Goods and Services Tax) Regulations 2019

Chapter 2 - The basic rules  

Part 2-7 - Returns, payments and refunds  

Division 33 - Payments of GST  

33-15.04   Bank guarantee requirement  

33-15.04(1)  
If:


(a) an entity applies for approval; and


(b) a previous approval of the entity has been revoked under section 33-15.08 of this instrument or regulation 33-15.08 of the A New Tax System (Goods and Services Tax) Regulations 1999 ; the Commissioner may require the entity to provide a bank guarantee in relation to the payment of deferred payments of assessed GST on taxable importations.

33-15.04(2)  
The guarantee must provide that, if an amount of assessed GST on taxable importations is not paid to the Commissioner on or before the day mentioned in subsection 33-15.01B(1) , the bank will pay to the Commissioner the lesser of:


(a) the overdue amount; and


(b) the guarantee amount worked out under subsection (3) of this section.

33-15.04(3)  
The guarantee amount is 1.5 times the highest monthly amount of assessed GST on taxable importations that was payable by the entity:


(a) in the 12 months before the application mentioned in paragraph (1)(a) was made; or


(b) if no monthly amounts of assessed GST on taxable importations were payable in that 12 months - in the 12 months before the previous approval was revoked.




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