A New Tax System (Goods and Services Tax) Regulations 2019
(a) an entity applies for approval; and
(b) a previous approval of the entity has been revoked under section 33-15.08 of this instrument or regulation 33-15.08 of the A New Tax System (Goods and Services Tax) Regulations 1999 ; the Commissioner may require the entity to provide a bank guarantee in relation to the payment of deferred payments of assessed GST on taxable importations. (2)
The guarantee must provide that, if an amount of assessed GST on taxable importations is not paid to the Commissioner on or before the day mentioned in subsection 33-15.01B(1) , the bank will pay to the Commissioner the lesser of:
(a) the overdue amount; and
(b) the guarantee amount worked out under subsection (3) of this section. (3)
The guarantee amount is 1.5 times the highest monthly amount of assessed GST on taxable importations that was payable by the entity:
(a) in the 12 months before the application mentioned in paragraph (1)(a) was made; or
(b) if no monthly amounts of assessed GST on taxable importations were payable in that 12 months - in the 12 months before the previous approval was revoked.
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