A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.145 Your annual GST liability

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.145

  (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 * assessed 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.