Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_4:p5
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 4 (pt 5/24)
Character Range: 803879–806534

GST amount relating to the preceding GST instalment quarter.
 (6) Your estimated annual GST amount relating to the *GST instalment quarter is zero if, apart from this subsection, this estimate would be less than zero.

162‑145  Your annual GST liability
 (1) Your annual GST liability, for an *instalment tax period that is a *financial year, is the amount that would be your *net amount for the period if it were not reduced under section 162‑105.
 (2) Your annual GST liability, for an *instalment tax period that is only part of a *financial year, is the sum of:
 (a) the amount that would be your *net amount for the period if it were not reduced under section 162‑105; and
 (b) your *early net amounts for the financial year (subtracting any of those amounts that are less than zero).
 (3) Your early net amounts for the *financial year are your *assessed net amounts for any tax periods that:
 (a) started, or would but for section 27‑35 have started, at the start of or during that financial year; and
 (b) ended before the start of the *instalment tax period applying to you that forms part of that financial year.
Note: Under section 27‑35, the start or finish of a 3 month tax period could vary by up to 7 days from the start or finish of a normal quarter.

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

162‑170  What this Subdivision is about
      There are 3 circumstances where a penalty can arise if a varied instalment amount is too low:

                (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).
      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.

162‑175  GST payments are less than 85% of annual GST liability
 (1) You are liable to pay a penalty, for a *GST instalment quarter of an *instalment tax period applying to you, if you have a *varied instalment amount for the GST instalment quarter, and:
 (a) if the instalment tax period is a *financial year—the sum of your *GST instalments for all the GST instalment quarters of the instalment tax period is less than 85% of your *annual GST liability for the instalment tax period; or
 (b) if the instalment tax period is only part of a financial year—the sum