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Carbon Pollution Reduction Scheme (CPRS Fuel Credits) Bill 2009

Part 2-2 Special rules

Division 9 Instalment taxpayers

Table of Subdivisions

             Guide to Division 9

9-A       Instalment taxpayers

Guide to Division 9

9-1   What this Division is about

If you are a GST instalment taxpayer, you work out and claim your CPRS fuel credits for GST instalment quarters, instead of the tax period you use for the GST. However, you can choose not to give a return for the first 3 GST instalment quarters in a financial year (but if you have an increasing CPRS fuel credit adjustment, you must give a return for the last quarter in the year).

Subdivision 9-A Instalment taxpayers

Table of Sections

9-5            Instalment taxpayers

9-5   Instalment taxpayers

             (1)  If you are a * GST instalment payer, you must treat each * GST instalment quarter as if it were a * tax period.

GST instalment quarters to be treated as tax periods

             (2)  For the purposes of working out under subsection 10-5(1) which * GST instalment quarter a CPRS fuel credit is attributable to, you must treat each GST instalment quarter as if, in the * GST Act, the quarter were a * tax period.

Choice to give a return for first 3 quarters

             (3)  You may choose whether to give the Commissioner a return for any of the first 3 * GST instalment quarters in a * financial year. If you do so, you must give the Commissioner your return on or before the day on which you are, or would be, required to pay your * GST instalment to the Commissioner for the quarter (disregarding section 162-80 of the * GST Act).

Note:          Section 162-80 of the GST Act allows certain entities to pay only 2 GST instalments for a financial year.

             (4)  If you choose not to give a return for any of those quarters, then any CPRS fuel credit or * CPRS fuel credit adjustment that is attributable to that quarter:

                     (a)  ceases to be attributable to that quarter; and

                     (b)  becomes attributable to the first quarter for which you give the Commissioner a return.

Note:          See subsection 10-5(5) if your return for a quarter does not include a CPRS fuel credit that is attributable, under this subsection, to the quarter.

Requirement to give a return for final quarter

             (5)  If you have an * increasing CPRS fuel credit adjustment that is (or, under subsection (4), would be) attributable to the last * GST instalment quarter in the * financial year, you must give the Commissioner a return for that quarter on or before the day on which you are, or would be, required to pay your * GST instalment to the Commissioner for the quarter (disregarding section 162-80 of the * GST Act).