Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 142.5

             (1)  This Subdivision applies if, after disregarding any amounts covered by subsection (2), your * assessed net amount for a tax period takes into account an amount of GST exceeding that which is payable.

Note:          This Subdivision applies whether or not you have paid, or been refunded, the assessed net amount.

Example:    Sunny Co mistakenly reports a negative net amount of $4,000 made up of GST of $10,000 less input tax credits of $14,000. In fact, Sunny Co's GST should have been $8,000 making its negative net amount $6,000. Sunny Co has excess GST of $2,000.

             (2)  Disregard the following amounts:

                     (a)  an amount of GST that was correctly payable and attributable to the tax period, but which later becomes the subject of a * decreasing adjustment;

                     (b)  an amount of GST that is payable, but is correctly attributable to a different tax period;

                     (c)  an amount of GST to which section 142-16 (about low value goods) applies.