Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 or any other GST instalment quarter of an * instalment tax period:
(i) you have a * notified instalment amount that is less than 25% of your * annual GST liability for the instalment tax period; or
(ii) you do not have a notified instalment amount, but the Commissioner is satisfied that, if you had such a notified instalment amount, it would be less than 25% of your annual GST liability for the instalment tax period.
(2) The * GST instalment shortfall is reduced by the amount worked out as follows:
where:
"notified and other amounts" is the sum of:
(a) the * notified instalment amount, or, if you do not have a notified instalment amount for the * GST instalment quarter, the amount that the Commissioner is satisfied would have otherwise been that notified instalment amount; and
(b) for each of the earlier GST instalment quarters (if any) of the * instalment tax period in question:
(i) the notified instalment amount; or
(ii) if you do not have a notified instalment amount for the * GST instalment quarter--the amount that the Commissioner is satisfied would have otherwise been that notified instalment amount; 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).
(3) If, because of the reduction, your * GST instalment shortfall for the * GST instalment quarter is zero or less than zero, you are not liable to pay a penalty under section 162 - 175 or 162 - 180 (as the case requires) in relation to the GST instalment quarter.
(4) If both this section and section 162 - 200 apply to a particular * GST instalment shortfall, apply this section to the shortfall before applying section 162 - 200.