Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.185

  (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).

  (2)   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).