Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:1_29:p1
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 1 cl 29 (pt 1/14)
Character Range: 9024–11895

29  Before Division 165
Insert:

Division 162—Payment of GST by instalments

Table of Subdivisions

162‑A Electing to pay GST by instalments
162‑B Consequences of electing to pay GST by instalments
162‑C GST instalments
162‑D Penalty payable in certain cases if varied instalment amounts are too low

162‑1  What this Division is about

You may be able to elect to pay GST by instalments. If you do, GST returns are given to the Commissioner annually, and quarterly instalments of GST are paid on the basis of the Commissioner's or your estimates of what your annual GST liability will be (followed by a reconciliation based on the annual GST return).

If you can average your income for income tax purposes, you only pay the last 2 quarterly instalments.

Note: In some cases, you will only pay the last 2 quarterly instalments: see section 162‑105.

Subdivision 162‑A—Electing to pay GST by instalments

162‑5  Eligibility to elect to pay GST by instalments

 (1) You are eligible to elect to pay GST by instalments if:
 (a) you do not exceed the *instalment turnover threshold; and
 (b) the current tax period applying to you is not affected by:
 (i) an election under section 27‑10 (election of one month tax periods); or
 (ii) a determination under section 27‑15 (determination of one month tax periods); or
 (iii) a determination under section 27‑37 (special determination of tax periods on request); and
 (c) your *current GST lodgment record is at least 4 months; and
 (d) you have complied with all your obligations to give *GST returns to the Commissioner; and
 (e) you are not in a *net refund position.

 (2) The instalment turnover threshold is:
 (a) $2 million; or
 (b) such higher amount as the regulations specify.

 (3) You are in a net refund position if the sum of all your *net amounts is less than zero, for the tax periods for which *GST returns fell due during the period referred to in the relevant item in the third column of this table.

When you are in a net refund position
                                       Item  If your *current GST lodgment record is…     Take into account this period to work out whether you are in a net refund position:
                                       1     at least 13 months                           the 12 months preceding the current tax period applying to you
                                       2     at least 10 months, but less than 13 months  the 9 months preceding that current tax period
                                       3     at least 7 months, but less than 10 months   the 6 months preceding that current tax period
                                       4     less than 7 months                           the 3 months preceding that current tax period

 (4) In working out *net amounts for the purposes of subsection (3), disregard any entitlements you had to special credits,