Have your say: refunding excess GST
Comments are now being sought on draft legislation intended to clarify the circumstances in which the restriction on GST refunds applies to overpayments of GST.
Submissions close: Friday, 14 September 2012.
The Assistant Treasurer, the Hon David Bradbury MP, has released draft legislation for public consultation to implement recommendation 45 of the Board of Taxation’s Review of the Legal Framework for the Administration of the GST, announced by the Government in the 2009-10 Budget.
The draft legislation clarifies the circumstances in which the restriction on GST refunds applies to overpayments of GST and allows taxpayers to self assess their entitlement to a GST refund by reference to ascertainable criteria. It also addresses a gap in the existing law relating to refunds associated with miscalculations of GST payable on a supply.
The amendments will apply in relation to working out net amounts for tax periods commencing on or after 17 August 2012.
Helen Hull is the editor of First 5000, the leading network for mid-sized businesses in Australia.
