A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
-
The special rules
Part 4-7
-
Special rules mainly about returns, payments and refunds
(a) your payments are too low a proportion of your annual GST liability (see
section 162-175
);
(b) your estimated annual GST amount is too low a proportion of your annual GST liability (see
section 162-180
);
(c) the varied instalment amount is too low a proportion of your estimated annual GST amount (see
section 162-185
).
Note:
The special rules in this Part mainly modify the operation of Part 2-7 , but they may affect other Parts of Chapter 2 in minor ways.
Division 162 - Payment of GST by instalments Subdivision 162-D - Penalty payable in certain cases if varied instalment amounts are too low 162-170 What this Subdivision is aboutThere are 3 circumstances where a penalty can arise if a varied instalment amount is too low:
The penalty is based on the general interest charge rate, and the machinery provisions of Division 298 in Schedule 1 to the Taxation Administration Act 1953 apply.
Note:
This section is an explanatory section.
View history note
Hide history noteThis information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.