3DQuarterly remitters

3D Quarterly remitters

(1) A person is a quarterly remitter in relation to a sales tax quarter (in this subsection called the current quarter) commencing in a financial year (in this subsection called the current year) if the person passes either of the following tests: (a) the first test is passed if all of the following conditions are satisfied: (i) the person was not a quarterly remitter in relation to the sales tax quarter immediately preceding the current quarter; (ii) the sales tax liability of the person for the financial year (in this subsection called the preceding year) that immediately preceded the current year did not exceed the quarterly remitter threshold for the current year; (iii) if: (A) the person is or was required to lodge a return under a sales tax law; and (B) the return is or was in respect of acts, transactions or operations effected or done in relation to goods before the current quarter; the person has lodged the return before the end of the 21st day of the current quarter; (iv) as at the 22nd day of the current quarter, there is no sales tax: (A) that remains unpaid; and (B) that is payable by the person in respect of acts, transactions or operations effected or done in relation to goods before the current quarter; (b) the second test is passed if both of the following conditions are satisfied: (i) the person was a quarterly remitter in relation to the sales tax quarter that immediately preceded the current quarter; (ii) the sales tax liability of the person for the preceding year did not exceed the quarterly remitter threshold for the current year. (2) The quarterly remitter threshold for a financial year (in this subsection called the threshold year) is: (a) if the threshold year commences on 1 July 1991—$50,000; or (b) in the case of a later financial year—the amount calculated using the formula (rounded up to the nearest whole dollar): Image unavailable in extracted text where: Previous year’s threshold means the quarterly remitter threshold for the financial year immediately preceding the threshold year. Indexation factor means the indexation factor for the threshold year. (3) The indexation factor for a financial year is the number (calculated to 3 decimal places) ascertained by dividing the sum of the index numbers for the CPI quarters of the 12‑month period ending on 31 March immediately before the financial year by the sum of the index numbers for the CPI quarters of the preceding 12‑month period ending on 31 March. (4) If the factor ascertained under subsection (3) in relation to a financial year would, if it were calculated to 4 decimal places, end with a number greater than 4, the factor ascertained under that subsection in relation to that financial year is to be taken to be the factor calculated to 3 decimal places and increased by 0.001. (5) Subject to subsection (6), if at any time, whether before or after the commencement of this section, the Australian Statistician has published or publishes an index number in respect of a CPI quarter in substitution for an index number previously published by the Australian Statistician in respect of that quarter, the publication of the later index number is to be disregarded for the purposes of this section. (6) If at any time, whether before or after the commencement of this section, the Australian Statistician has changed or changes the reference base for the Consumer Price Index, then, for the purposes of the application of this section after the change took place or takes place, regard is to be had only to the index numbers published in terms of the new reference base. (7) In this section: