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).