Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:1_29:p9
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 1 cl 29 (pt 9/14)
Character Range: 28816–31528

instalment amounts

 (1) You may, by notifying the Commissioner in the *approved form, substitute another amount for:
 (a) your *notified instalment amount for a *GST instalment quarter; or
 (b) if paragraph 162‑130(3)(b) applies to a GST instalment quarter—your *GST instalment for the preceding GST instalment quarter.
The amount substituted is your varied instalment amount for the GST instalment quarter.

 (2) The amount substituted must not be less than zero.

 (3) You must give the notice to the Commissioner on or before the day on which the *GST instalment for the *GST instalment quarter is due.

 (4) You must include in the notice an estimate of your *annual GST liability relating to the *instalment tax period in question. This estimate is your estimated annual GST amount relating to the *GST instalment quarter.

Note: You may be liable to penalty under Subdivision 162‑D if your variation of the notified instalment amount is too much of an underestimate of your total GST liability.

 (5) However, if paragraph 162‑130(3)(b) applies to a *GST instalment quarter but you do not, under subsection (1) of this section, substitute another amount by notifying the Commissioner in the *approved form:
 (a) your varied instalment amount for the GST instalment quarter is 25% of your *estimated annual GST amount relating to the preceding GST instalment quarter; and
 (b) your estimated annual GST amount relating to the GST instalment quarter is your *estimated annual GST amount relating to the preceding GST instalment quarter.

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 *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