A New Tax System (Goods and Services Tax) Act 1999

Chapter 2 - The basic rules  

Part 2-7 - Returns, payments and refunds  

Division 35 - Refunds  

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 and Divisions 268 and 269 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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