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  

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  

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Subdivision 162-D - Penalty payable in certain cases if varied instalment amounts are too low  

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162-190   Periods for which penalty is payable  

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You are liable to pay the penalty under this Subdivision for each day in the period that:

(a) started at the beginning of the day by which the * GST instalment , for the * GST instalment quarter to which the charge relates, was due to be paid; and

(b) finishes at the end of the day before which you must, under section 162-110 , pay to the Commissioner your * assessed net amount for the * instalment tax period that includes that GST instalment quarter.

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History

S 162-190 amended by No 39 of 2012, s 3 and Sch 1 item 113, by substituting " *assessed net amount " for " *net amount " in para (b), applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012.

S 162-190 inserted by No 73 of 2001, s 3 and Sch 1 item 29, applicable in relation to net amounts for tax periods starting, or that started, on or after 1 July 2000.

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