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GST Final Print

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Priyesha Unagar
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10 views

GST Final Print

Uploaded by

Priyesha Unagar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
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Interest and penalties * Under s. 139AAA TAA 1994, IR will send a letter advising that the return is overdue to any registered person not filing their return by the due date. + Ifa subsequent GST return is not filed within the period specified in the reminder notice, a late filing penalty will be charged and the person notified. If a late filing penalty is payable, the penalty is: * $50 for a person using the payments basis. * $250 for a person using either the invoice or hybrid bases. + Use-of-money interest- Under Part 7 TAA 1994, interest is payable on a daily basis by the: © GST-registered persons, on all overdue amounts of GST. * Commissioner, on overpaid GST. Late payment penalties * Under s. 139B TAA 1994, the following late payment penalties based on the unpaid tax are imposed if GST is paid after the due date: * A 1% penalty applied on the day after the due date. * A further 4% (including 4% of the 1% penalty) if the tax remains unpaid seven days after the due date. Shortfall penalties Under Part 9 TAA 1994, civil penalties based on the GST shortfall are payable if, when quantifying the GST liability, the registered person has: * not taken reasonable care (20% of the GST shortfall) * been grossly careless (40% of the GST shortfall) * taken an abusive tax position (100% of the GST shortfall), or * evaded GST (150% of the GST shortfall) GST anti-avoidance provisions Detailed definition of ‘tax avoidance’ to the special features of GST compared to income tax, and includes: (a) a reduction in the liability of a registered person to pay tax (b) a postponement in the liability of a registered person to pay tax (c) an increase in the entitlement of a registered person to a refund of tax (d) an earlier entitlement of a registered person to a refund of tax (e) a reduction in the total consideration payable by a person for a supply of goods and services. =i — i ‘registered person wth anual tarablesuppleslessthanorequal_||taxablesuppis between $50,000, to $507000

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