A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-7 - Special rules mainly about returns, payments and refunds  

Note:

The special rules in this Part mainly modify the operation of Part 2-7 , but they may affect other Parts of Chapter 2 in minor ways.

Division 162 - Payment of GST by instalments  

Subdivision 162-B - Consequences of electing to pay GST by instalments  

162-100   General interest charge on late payment  

If you fail to pay some or all of a * GST instalment by the time by which the GST instalment is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the day by which the GST instalment was due to be paid; and

(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the GST instalment;

(ii) general interest charge on any of the instalment.