Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:1_29:p11
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 1 cl 29 (pt 11/14)
Character Range: 33722–36365

(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).

 (4) However, if:
 (a) the *GST instalment quarter is not the first GST instalment quarter of the *instalment tax period in question; and
 (b) you are liable for one or more penalties under this section in relation to any of the earlier GST instalment quarters of the instalment tax period;
then:
 (c) your GST instalment shortfall, under this section, for the *GST instalment quarter is the difference between:
 (i) the amount worked out using the formula in subsection (3); and
 (ii) the sum of all your GST instalment shortfalls for those earlier GST instalment quarters; and
 (d) if that sum is greater than the amount worked out using the formula in subsection (3)—you are not liable to pay a penalty under this section in relation to the GST instalment quarter.

 (5) The appropriate percentage for a *GST instalment quarter is:
 (a) if the GST instalment quarter ends on 30 September—25%; or
 (b) if the GST instalment quarter ends on 31 December—50%; or
 (c) if the GST instalment quarter ends on 31 March—75%; or
 (d) if the GST instalment quarter ends on 30 June—100%.

162‑180  Estimated annual GST amount is 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:
 (a) you have a *varied instalment amount for the GST instalment quarter; and
 (b) you are not liable to pay a penalty, for the GST instalment quarter, under section 162‑175; and
 (c) your *estimated annual GST amount relating to the GST instalment quarter is less than:
 (i) 85% of your *annual GST liability for the instalment tax period; or
 (ii) if the GST instalment quarter ends on 30 September 2001—75% of your *annual GST liability for the instalment tax period; and
 (d) the varied instalment amount is less than or equal to 25% of your annual GST liability for the instalment tax period.

 (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 worked out as follows:

 (4) However, if:
 (a) the *GST instalment quarter is not the first GST instalment quarter of the *instalment tax period in