06 Jul 11 Changes to running balance accounts
The ATO advises that on 29 June 2011, Tax Laws Amendment (2010 Measures No 5) Act 2011 was enacted to ensure it is not mandatory for a payment, credit or running balance account (RBA) surplus to be applied against a tax debt that is an activity statement amount - unless that amount is due and payable. This can include a number of business tax liabilities; for example:
- wine equalisation tax
- luxury car tax
- fuel tax credits
These changes apply to tax periods starting on or after 1 July 2011.