20 Aug 12 Refunding excess GST - Exposure Draft legislation released
In media release No 2012/086, issued 17 August 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced the release of 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.
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. The same criteria will also apply for refunds associated with miscalculations of GST payable on a supply.
"Industry has sought guidance on the precise nature of the Commissioner of Taxation discretion to refund overpaid GST for a number of years," said Mr Bradbury. "These amendments will remove the uncertainty associated with the scope and operation of the current law, as well as the uncertainty about when the Commissioner will exercise his discretion."
The amendments will apply in relation to working out net amounts for tax periods commencing on or after 17 August 2012.
The closing date for submissions is Friday 14 September 2012.