Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:1_29:p14
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 1 cl 29 (pt 14/14)
Character Range: 40990–43346

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

 (3) If, because of the reduction, your *GST instalment shortfall for the *GST instalment quarter is zero or less than zero, you are not liable to pay a penalty under section 162‑175 or 162‑180 (as the case requires) in relation to the GST instalment quarter.

 (4) If both this section and section 162‑200 apply to a particular *GST instalment shortfall, apply this section to the shortfall before applying section 162‑200.

162‑200  Reduction in penalties if GST instalment shortfall is made up in a later instalment

 (1) This section reduces your *GST instalment shortfall, for a *GST instalment quarter of an *instalment tax period applying to you, if:
 (a) you pay to the Commissioner a *GST instalment for a later GST instalment quarter of the instalment tax period; and
 (b) that GST instalment exceeds 25% of your *annual GST liability for the instalment tax period.
The amount of that excess is called the top up.

 (2) The *GST instalment shortfall is reduced by applying so much of the top up as does not exceed the GST instalment shortfall.

 (3) However, if some of the top up has already been applied (under any other application or applications of this section) to reduce a *GST instalment shortfall for a different *GST instalment quarter of the *instalment tax period, the GST instalment shortfall is reduced by applying so much of the top up as has not already been applied, and does not exceed the GST instalment shortfall.

 (4) The reduction under subsection (2) has effect for each day in the period that:
 (a) started at the beginning of the day on which you paid the *GST instalment for the later *GST instalment quarter; 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.

162‑205  This Subdivision does not create a liability for general interest charge

  For the avoidance of doubt, this Subdivision does not have the effect of making you liable to pay the *general interest charge.