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

Chapter 4 - The special rules  

Part 4-1 - Special rules mainly about particular ways entities are organised  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 so far as that Part deals with liability for GST and entitlement to input tax credits, but the special rules also affect other aspects of Part 2-2 and the other Parts of Chapter 2 .

Division 54 - GST branches  

Subdivision 54-B - Consequences of registration of GST branches  

54-65   Refunds relating to GST branches  

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If an entity has a * GST branch and the * assessed net amount relating to the * GST branch for a tax period is less than zero, the Commissioner must, on behalf of the Commonwealth, pay that assessed net amount (expressed as a positive amount) to the entity.

Note 1:

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

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History

S 54-65 amended by No 34 of 2014, s 3 and Sch 2 item 9, by omitting " , and section 105-65 in Schedule 1 to, " after " Part IIB " from note 1, applicable in relation to working out your net amount for a tax period starting on or after 31 May 2014.

S 54-65 amended by No 39 of 2012, s 3 and Sch 1 items 76 and 77, by substituting " the *assessed net amount " for " the *net amount " and " that assessed net amount " for " that net amount " , applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012.

S 54-65 (note 1) amended by No 73 of 2006 , s 3 and Sch 5 item 114, by substituting " of, and section 105-65 in Schedule 1 to, " for " and section 39 of " , effective 1 July 2006.

S 54-65 substituted by No 179 of 1999, s 3 and Sch 15 item 5, effective 1 July 2000. S 54-65 formerly read:

54-65 Refunds relating to GST branches  
(1)
If an entity has a *GST branch and the *net amount relating to the *GST branch for a tax period is less than zero:

(a) the Commissioner must, on behalf of the Commonwealth, pay that net amount (expressed as a positive amount) to the entity; and

(b) Division 35 applies to payment of that amount as if it were a payment the Commissioner was obliged to make under section 35-5.

(2)
This section has effect despite Division 35 (which is about refunds).

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