Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:1_29:p13
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 1 cl 29 (pt 13/14)
Character Range: 38569–41248

(subtracting any of those amounts that are less than zero).

 (2) The amount of the penalty, for a particular day, is worked out by applying the *general interest charge:
 (a) for each day in the period in section 162‑190; and
 (b) in the way set out in subsection 8AAC(4) of the Taxation Administration Act 1953;
to your *GST instalment shortfall, under this section, for the *GST instalment quarter.

 (3) Your GST instalment shortfall, under this section, for the *GST instalment quarter is the amount of the excess referred to in paragraph (1)(c).

162‑190  Periods for which penalty is payable

  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 *net amount for the *instalment tax period that includes that GST instalment quarter.

162‑195  Reduction in penalties if notified instalment amount is less than 25% of annual GST liability

 (1) This section reduces your *GST instalment shortfall, for a *GST instalment quarter of an *instalment tax period applying to you, if:
 (a) you are liable to pay a penalty under section 162‑175 or 162‑180 for a *GST instalment quarter of an *instalment tax period applying to you; and
 (b) for that or any other GST instalment quarter of an *instalment tax period:
 (i) you have a *notified instalment amount that is less than 25% of your *annual GST liability for the instalment tax period; or
 (ii) you do not have a notified instalment amount, but the Commissioner is satisfied that, if you had such a notified instalment amount, it would be less than 25% of your annual GST liability for the instalment tax period.

 (2) The *GST instalment shortfall is reduced by the amount worked out as follows:
where:

notified and other amounts is the sum of:
 (a) the *notified instalment amount, or, if you do not have a notified instalment amount for the *GST instalment quarter, the amount that the Commissioner is satisfied would have otherwise been that notified instalment amount; and
 (b) for each of the earlier GST instalment quarters (if any) of the *instalment tax period in question:
 (i) the notified instalment amount; or
 (ii) if you do not have a notified instalment amount for the *GST instalment quarter—the amount that the Commissioner is satisfied would have otherwise been that notified instalment amount; and
 (c) if the instalment tax period is only part of a *financial year—your *early net amounts for the