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Will variation penalties apply if the total amount of GST instalments paid is less than 85% of the actual GST payable for the financial year?

April 26, 2017actual GST instalments paid Payable penalties total variation

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Will variation penalties apply if the total amount of GST instalments paid is less than 85% of the actual GST payable for the financial year?

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If you use the GST instalment amount provided by the Tax Office and you have paid less then 85% of your actual GST payable for the year, you will not be penalised. However if you have varied the GST instalment amount provided by the Tax Office and this results in you paying less than 85% of your actual GST payable for the year, variation penalties may be imposed.