How do I vary my instalment if I am a two-instalment payer for GST?
You can vary your GST instalment amount for any quarter if you think your total instalments will be more (or less) than your actual GST liability for the year. However, you cannot vary your instalment amount below zero. It is important to remember that for the first two quarters your instalment amount will be nil, in the third quarter you will need to ensure you pay 75% of the estimated annual GST liability and in the fourth quarter the remaining 25% will be due. To work out your varied instalment amount for a quarter, you first estimate your total GST liability for the year. The amount of the estimated total GST liability for the year goes at label G22 on the activity statement. The amount of your instalment goes at label G23. Using the codes provided, your reasons for varying the instalment go at label G24. If you do vary your GST instalment amount, you may be liable to penalties if you underestimate this amount by too much. You can find out more about varying your instalments and va
