## Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.195

**Reduction in penalties if notified instalment amount is less than 25% of annual GST liability**
(1) This section reduces your * GST instalment shortfall, for a
* GST instalment quarter of an * instalment tax period applying to you, if:

(a) you are liable to pay a penalty under section 162 -
175 or 162 - 180 for a * GST instalment quarter of an * instalment tax period
applying to you; and

(b) for that or any other GST instalment quarter of an *
instalment tax period:

(i) you have a * notified instalment amount that is less than
25% of your * annual GST liability for the instalment tax period; or

(ii) you do not have a notified instalment amount, but the
Commissioner is satisfied that, if you had such a notified instalment amount,
it would be less than 25% of your annual GST liability for the
instalment tax period.

(2) The * GST instalment shortfall is reduced by the amount
worked out as follows:

where:

"notified and other amounts" is the sum of:

(a) the *
notified instalment amount, or, if you do not have a
notified instalment amount for the * GST instalment quarter, the amount that
the Commissioner is satisfied would have otherwise been that
notified instalment amount; and

(b) for each of the earlier GST instalment quarters (if any) of
the * instalment tax period in question:

(i) the notified instalment amount; or

(ii) if you do not have a notified instalment amount for the *
GST instalment quarter--the amount that the Commissioner is satisfied would
have otherwise been that notified instalment amount; and

(c) 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).

(3) If, because of the reduction, your *
GST instalment shortfall for the * GST instalment quarter is zero or less than
zero, you are not liable to pay a penalty under section 162 - 175 or
162 - 180 (as the case requires) in relation to the GST instalment quarter.

(4) If both this section and section 162 - 200 apply to a
particular * GST instalment shortfall, apply this section to the shortfall
before applying section 162 - 200.

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