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The Assistant Treasurer, David Bradbury, has released draft legislation regarding the circumstances where the Commissioner of Taxation will refund an overpayment of GST for a second round of public consultation.

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. It also addresses a gap in the existing law relating to refunds associated with miscalculations of GST payable on a supply.

The exposure draft and explanatory material seeks to address the concerns raised during the first round of public consultation. As a result of the substantive changes from the first draft it has been decided to hold a further round of consultation on the revised draft.

Closing date for submissions is Tuesday 26 March 2013.


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