Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.80

  (1)   If:

  (a)   you are a * GST instalment payer for an * instalment tax period; and

  (b)   subsection   (2) applies to you;

section   162 - 70 has effect as if you are only required to pay * GST instalments for the last 2 * GST instalment quarters for the instalment tax period.

  (2)   This subsection applies to you if:

  (a)   both of the following conditions are satisfied:

  (i)   you are carrying on a * primary production business in an * income year corresponding to, or ending during, the * instalment tax period;

  (ii)   the * assessable income that was * derived from, or resulted from, a primary production business that you carried on in the * base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income; or

  (b)   both of the following conditions are satisfied:

  (i)   you are a * special professional in an income year corresponding to, or ending during, the instalment tax period;

  (ii)   your * assessable professional income in the base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income.