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  


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-D - Penalty payable in certain cases if varied instalment amounts are too low  

162-170   What this Subdivision is about  

There are 3 circumstances where a penalty can arise if a varied instalment amount is too low:

  • (a) your payments are too low a proportion of your annual GST liability (see section 162-175 );
  • (b) your estimated annual GST amount is too low a proportion of your annual GST liability (see section 162-180 );
  • (c) the varied instalment amount is too low a proportion of your estimated annual GST amount (see section 162-185 ).
  • The penalty is based on the general interest charge rate, and the machinery provisions of Division 298 in Schedule 1 to the Taxation Administration Act 1953 apply.


    This section is an explanatory section.


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