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-C - GST instalments  

162-145   Your annual GST liability  

(1)  
Your annual GST liability , for an * instalment tax period that is a * financial year , is the amount that would be your *net amount for the period if it were not reduced under section 162-105 .

(2)  
Your annual GST liability , for an * instalment tax period that is only part of a * financial year , is the sum of:


(a) the amount that would be your * net amount for the period if it were not reduced under section 162-105 ; and


(b) your * early net amounts for the financial year (subtracting any of those amounts that are less than zero).

(3)  


Your early net amounts for the * financial year are your * assessed net amounts for any tax periods that:


(a) started, or would but for section 27-35 have started, at the start of or during that financial year; and


(b) ended before the start of the * instalment tax period applying to you that forms part of that financial year.

Note:

Under section 27-35 , the start or finish of a 3 month tax period could vary by up to 7 days from the start or finish of a normal quarter.


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