Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_4:p8
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 4 (pt 8/24)
Character Range: 811132–813802

amount in question; and
 (b) all your other *GST instalments (if any) for earlier *GST instalment quarters of the *instalment tax period in question; 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).

162‑185  Shortfall in GST instalments worked out on the basis of estimated annual GST amount
 (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 or 162‑180; and
 (c) the amount worked out by multiplying your *estimated annual GST amount relating to the GST instalment quarter by the *appropriate percentage for the GST instalment quarter exceeds the sum of:
 (i) the varied instalment amount; and
 (ii) all your other *GST instalments (if any) for earlier GST instalment quarters of the *instalment tax period in question; and
 (iii) 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).
 (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 *assessed 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