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  

Subdivision 162-B - Consequences of electing to pay GST by instalments  

162-80   Certain entities pay only 2 GST instalments for each year  

(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.