A New Tax System (Goods and Services Tax) Act 1999
Note:Division 162 - Payment of GST by instalments Subdivision 162-A - Electing to pay GST by instalments 162-5 Eligibility to elect to pay GST by instalments (1)
You are eligible to elect to pay GST by instalments if:
(i) you are a * small business entity (other than because of subsection 328-110(4) of the * ITAA 1997 ) for the * income year in which you make your election; or
(ii) you do not carry on a * business and your * GST turnover does not exceed the * instalment turnover threshold ; and
(b) the current tax period applying to you is not affected by:
(i) an election under section 27-10 (election of one month tax periods); or
(ii) a determination under section 27-15 (determination of one month tax periods); or
(iii) a determination under section 27-37 (special determination of tax periods on request); and
(c) your * current GST lodgment record is at least 4 months; and
(d) you have complied with all your obligations to give * GST returns to the Commissioner; and
(e) you are not in a * net refund position ; and
(f) you are not a *limited registration entity.
The instalment turnover threshold is:
(a) $2 million; or
(b) such higher amount as the regulations specify. (3)
You are in a net refund position if the sum of all your * assessed net amounts is less than zero, for the tax periods for which * GST returns fell due during the period referred to in the relevant item in the third column of this table.
|When you are in a net refund position|
|Item||If your *current GST lodgment record is ...||Take into account this period to work out whether you are in a net refund position:|
|1||at least 13 months||the 12 months preceding the current tax period applying to you|
|2||at least 10 months, but less than 13 months||the 9 months preceding that current tax period|
|3||at least 7 months, but less than 10 months||the 6 months preceding that current tax period|
|4||less than 7 months||the 3 months preceding that current tax period|
(Repealed by No 39 of 2012)
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