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15 Feb 12 Government to amend law to allow ATO to hold refunds pending verification checks

In media release No 2012/008, issued 15 February 2012, the Assistant Treasurer, Minister for Small Business and Minister for Sport, Senator Mark Arbib, announced the release for public comment of exposure draft legislation amending the Taxation Administration Act 1953 that will allow the Commissioner of Taxation to hold refunds for verification prior to payment.

Senator Arbib said the legislation followed a decision of the Full Federal Court on 11 November 2011, in FCT v Multiflex Pty Ltd [2011] FCAFC 142, that the Commissioner had no legislative basis for holding on to a refund while verifying that the amount claimed is correct, even in the case of potential fraud. The High Court refused the Commissioner special leave to appeal from the Full Federal Court's decision on 9 December 2011.

Consultation closes on Tuesday 21 February 2012.


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