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27 Feb 1313 Refunding excess GST Exposure Draft released

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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