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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 35.5

Entitlement to refund

             (1)  If the * assessed net amount for a tax period is less than zero, the Commissioner must, on behalf of the Commonwealth, pay that amount (expressed as a positive amount) to you.

Note 1:       See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay you. Division 3 of Part IIB allows the Commissioner to apply the amount owing as a credit against tax debts that you owe to the Commonwealth.

Note 2:       Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in refunding the amount.

             (2)  However, if:

                     (a)  the Commissioner amends the * assessment of your * net amount; and

                     (b)  your * assessed net amount before the amendment was less than zero; and

                     (c)  the amount that, because of the assessment, was:

                              (i)  paid; or

                             (ii)  applied under the Taxation Administration Act 1953 ;

                            exceeded the amount (including a nil amount) that would have been payable or applicable had your assessed net amount always been the later assessed net amount;

the amount of the excess is to be treated as if:

                     (d)  the excess were an assessed net amount for the tax period; and

                     (e)  that assessed net amount were an amount greater than zero and equal to the amount of the excess; and

                      (f)  despite Division 33, that assessed net amount became payable, and due for payment, by you at the time when the amount was paid or applied.

Note:          Treating the excess as if it were an assessed net amount has the effect of applying the collection and recovery rules in Part 3-10 in Schedule 1 to the Taxation Administration Act 1953 , such as a liability to pay the general interest charge under section 105-80 in that Schedule.



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