A New Tax System (Goods and Services Tax) Act 1999
Note:Division 162 - Payment of GST by instalments Subdivision 162-D - Penalty payable in certain cases if varied instalment amounts are too low 162-185 Shortfall in GST instalments worked out on the basis of estimated annual GST amount (1)
You are liable to pay a penalty, for a * GST instalment quarter of an * instalment tax period applying to you, if:
(a) you have a * varied instalment amount for the GST instalment quarter; and
(b) you are not liable to pay a penalty, for the GST instalment quarter, under section 162-175 or 162-180 ; and
(c) the amount worked out by multiplying your * estimated annual GST amount relating to the GST instalment quarter by the * appropriate percentage for the GST instalment quarter exceeds the sum of:
(i) the varied instalment amount; and
(ii) all your other * GST instalments (if any) for earlier GST instalment quarters of the * instalment tax period in question; and
(iii) if the instalment tax period is only part of a * financial year - your * early net amounts for the financial year (subtracting any of those amounts that are less than zero).
The amount of the penalty, for a particular day, is worked out by applying the *general interest charge :
(a) for each day in the period in section 162-190 ; and
(b) in the way set out in subsection 8AAC(4) of the Taxation Administration Act 1953 ;
to your * GST instalment shortfall , under this section, for the * GST instalment quarter .(3)
Your GST instalment shortfall , under this section, for the * GST instalment quarter is the amount of the excess referred to in paragraph (1)(c).
S 162-185 inserted by No 73 of 2001, s 3 and Sch 1 item 29, applicable in relation to net amounts for tax periods starting, or that started, on or after 1 July 2000.
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