Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:1_29:p12
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 1 cl 29 (pt 12/14)
Character Range: 36121–38795

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 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) For the purpose of working out your *GST instalment shortfall under this section, your *estimated annual GST amount relating to the *GST instalment quarter is taken to be the amount worked out as follows, if the amount is less than that estimated annual GST amount:
where:

GST already payable is the sum of:
 (a) the *varied instalment 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