A New Tax System (Goods and Services Tax) Act 1999
Note: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.
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.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.