A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.170 What this Subdivision is about
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 162.170
What this Subdivision is aboutThere are 3 circumstances where a penalty can arise if a varied instalment amount is too low:
(a) your payments are too low a proportion of your annual GST liability (see section 162 - 175);
(b) your estimated annual GST amount is too low a proportion of your annual GST liability (see section 162 - 180);
(c) the varied instalment amount is too low a proportion of your estimated annual GST amount (see section 162 - 185).
The penalty is based on the general interest charge rate, and the machinery provisions of Division 298 in Schedule 1 to the Taxation Administration Act 1953 apply.
Note: This section is an explanatory section.