A New Tax System (Goods and Services Tax) Act 1999
Note:Division 142 - Excess GST
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.
This Subdivision applies whether or not you have paid, or been refunded, the assessed net amount.
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.
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.
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