Inserts for
Tax Laws Amendment (2012 Measures No. 3) Bill 2012: GST instalment system

EXPOSURE DRAFT

Commencement information	
Column 1	Column 2	Column 3	
Provision(s)	Commencement	Date/Details	
1.  			
2.  Schedule ??	The day this Act receives the Royal Assent.		
3.  			
Schedule ??—GST instalment system
  
A New Tax System (Goods and Services Tax) Act 1999
1  Paragraph 162‑30(1)(d)
Repeal the paragraph.
2  Subsection 162‑30(6)
Repeal the subsection.
3  At the end of subsection 162‑135(1)
Add:
The amount must not be less than zero.
4  Subsection 162‑140(4) (note)
Omit “Note”, substitute “Note 1”.
5  At the end of subsection 162‑140(4)
Add:
Note 2:	Your estimated annual GST amount is taken to be zero if it would otherwise be less than zero (see subsection (6)).
6  At the end of section 162‑140
Add:
	(6)	Your estimated annual GST amount relating to the *GST instalment quarter is zero if, apart from this subsection, this estimate would be less than zero.
7  Section 195‑1 (definition of estimated annual GST amount)
Omit “subsection 162‑140(4) and paragraph 162‑140(5)(b)”, substitute “section 162‑140”.
8  Application of amendments
The amendments made by this Schedule apply in relation to GST instalment quarters starting on or after the first 1 July that is on or after the commencement of this Schedule.