I have varied my GST instalment. What instalment amount do I pay each quarter?
To make a variation to your GST instalment you must have estimated your annual net GST (which includes any WET and LCT liability you may have). As a quarterly instalment payer your instalment should ensure that 25% of the annual amount is paid by the first quarter, 50% by the second, 75% by the third and 100% by the fourth. For each quarter the instalment to be paid is less any amounts that you have paid in earlier quarters. For example: Linda operates a civil engineering firm and chooses to pay GST by instalments from 1 July 2002. The Tax Office informs her that her notified GST instalment for the first GST instalment quarter is $50,000. Before paying her GST instalment for the first quarter, Linda estimates her GST liability for the year to be $175,000.
