LegislationTax Telegraph, September Issue |
Taxpayers to be able to decide if they can recover GST overpaid to ATO
The Assistant Treasurer has released ED legislation and explanatory material that is designed to amend the GST law to remove the Commissioner’s discretion to refund an overpaid amount of GST and, instead, to allow taxpayers to self-assess their entitlement to a refund by reference to certain ascertainable criteria. If the conditions are not satisfied, the taxpayer is not entitled to a refund of the excess amount.
The criteria for obtaining a refund of an overpaid GST amount would apply more widely than currently, including as a result of incorrectly treating a supply or arrangement as fully or partly taxable, as well as incorrectly calculating the amount of GST payable on a supply or arrangement. If enacted, the proposed amendments would apply in relation to working out net amounts for tax periods commencing on or after 17 August 2012. Submissions were due by 14 September 2012.
Contact us
| Adelaide Paula Capaldo Partner Tel +61 8 8407 7136 |
Launceston Steve Hernyk Partner Tel +61 3 6337 7060 |
| Alice Springs Neil McLeod Partner Tel +61 8 8950 7220 |
Melbourne Craig Holland Partner Tel +61 3 9208 7586 |
| Brisbane Lindsay Stanton Partner Tel +61 7 3308 7064 |
Western Sydney Michael Clarke Partner Tel +61 2 9840 7277 |
| Canberra Melissa Cabban Partner Tel +61 2 6263 7106 |
Perth George Kyriakacis Partner Tel +61 8 9365 7112 |
| Darwin Karen Green Partner Tel +61 8 8980 3028 |
Sydney Spyros Kotsopoulos Editor – Tax Telegraph Tel +61 2 9322 3593 |
| Hobart Tim Maddock Partner Tel +61 3 6237 7065 |
