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Legislation

Tax Telegraph, September Issue

LegislationTaxpayers to be able to decide if they can recover GST overpaid to ATO

Refunding excess GST

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.

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