A New Tax System (Goods and Services Tax) Regulations 1999 (repealed)
If:
(a) an entity applies for approval; and
(b) a previous approval of the entity has been revoked under regulation 33-15.08 ;
the Commissioner may require the entity to provide a bank guarantee in relation to the payment of deferred payments of assessed GST on taxable importations.
View history note
Hide history note(2)
The guarantee must provide that, if an amount of assessed GST on taxable importations is not paid to the Commissioner on or before the day mentioned in regulation 33-15.07 , the bank will pay to the Commissioner the lesser of:
(a) the overdue amount; and
(b) the guarantee amount worked out under subregulation (3).
(3)
The guarantee amount is 1.5 times the highest monthly amount of assessed GST on taxable importations that was payable by the entity:
(a) in the 12 months before the application mentioned in paragraph (1)(a) was made; or
(b) if no monthly amounts of assessed GST on taxable importations were payable in that 12 months, in the 12 months before the previous approval was revoked.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
