Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (72 of 2025)

Schedule 4   Minor and technical amendments

Part 2   Amendments commencing first day of next quarter

Division 2   Tax credits

Taxation Administration Act 1953

43   Application of amendments

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

(1) Subject to subitems (2), (3) and (4), the amendments made to the A New Tax System (Goods and Services Tax) Act 1999 by this Division apply in relation to an input tax credit to the extent that the tax period to which the input tax credit would be attributable, under subsections 29-10(1), (2) and (3) of that Act, started or starts on or after 1 July 2012.

(2) The amendments do not apply in relation to the input tax credit if, on 27 July 2023:

(a) the input tax credit has not been taken into account in an assessment of a net amount of yours; and

(b) it is more than 4 years after the day on which you were required to give to the Commissioner a GST return for the tax period to which the input tax credit would be attributable under subsection 29-10(1) or (2) of the A New Tax System (Goods and Services Tax) Act 1999.

(3) Subitem (4) applies to the input tax credit to which you are or were entitled for a creditable acquisition, to the extent that the input tax credit has not been taken into account in an assessment of a net amount of yours for the tax period to which the input tax credit would be attributable under subsections 29-10(1), (2) and (3) of the A New Tax System (Goods and Services Tax) Act 1999, if:

(a) that tax period started on or after 1 July 2012; and

(b) before the commencement of this item:

(i) the GST return for a later tax period took the input tax credit into account; or

(ii) you applied for an amendment of an assessment of a net amount of yours for a later tax period, in the approved form for the purposes of section 155-45 of Schedule 1 to the Taxation Administration Act 1953, to take the input tax credit into account.

(4) You are taken to have elected, in accordance with subsection 29-10(5) of the A New Tax System (Goods and Services Tax) Act 1999 (as amended by this Division), for:

(a) the input tax credit not to be attributable to the tax period mentioned in paragraph (3)(a) of this item; and

(b) the input tax credit to be attributable to the later tax period mentioned in paragraph (3)(b) of this item.

Fuel Tax Act 2006

(5) Subject to subitems (6), (7) and (8), the amendments made to the Fuel Tax Act 2006 by this Division apply in relation to a fuel tax credit to the extent that the tax period or fuel tax return period to which the fuel tax credit would be attributable, under subsections 65-5(1), (2) and (3) of that Act, started or starts on or after 1 July 2012.

(6) The amendments do not apply in relation to the fuel tax credit if, on 27 July 2023:

(a) the fuel tax credit has not been taken into account in an assessment of a net fuel amount of yours; and

(b) it is more than 4 years after the day on which you were required to give to the Commissioner a return for a tax period or fuel tax return period to which the fuel tax credit would be attributable under subsection 65-5(1), (2) or (3) of the Fuel Tax Act 2006.

(7) Subitem (8) applies to a fuel tax credit to the extent that the fuel tax credit has not been taken into account in an assessment of a net fuel amount of yours for the tax period or fuel tax return period to which the fuel tax credit would be attributable under subsections 65-5(1), (2) and (3) of the Fuel Tax Act 2006, if:

(a) that tax period or fuel tax return period started on or after 1 July 2012; and

(b) before the commencement of this item:

(i) the return for a later tax period or fuel tax return period took the fuel tax credit into account; or

(ii) you applied for an amendment of an assessment of a net fuel amount of yours for a later tax period or fuel tax return period, in the approved form for the purposes of section 155-45 of Schedule 1 to the Taxation Administration Act 1953, to take the fuel tax credit into account.

(8) You are taken to have elected, in accordance with subsection 65-5(5) of the Fuel Tax Act 2006 (as amended by this Division), for:

(a) the fuel tax credit not to be attributable to the tax period or fuel tax return period mentioned in paragraph (7)(a) of this item; and

(b) the fuel tax credit to be attributable to the later tax period or fuel tax return period mentioned in paragraph (7)(b) of this item.