Published on 01 Jun 13
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
Exposure draft legislation introduced in February 2013 proposes to introduce a new Div 142 into the A New Tax System (Goods and Services Tax) Act 1999 which will replace s 105-65 of Sch1 to the Taxation Administration Act 1953. The draft legislation is intended to regulate the circumstances in which the Commissioner of Taxation will refund an overpayment of GST. This article considers the operation of the proposed Div 142, whether it meets the stated policy intent and aims, and the practical implications for taxpayers.
The author concludes that, if introduced in its draft form, the new Div 142 is likely to prove more restrictive than the present s 105-65 when suppliers who consider themselves to have borne the cost of overpaid GST attempt to obtain refunds. The risk is that any overpayment of GST will not be refunded.
Matthew is a GST Partner based in Melbourne with over 16 years’ experience in advising on indirect taxes in both Australia and the UK. Matt specialises in financial services and property, and advises on a broad range of commercial arrangements and issues in these sectors. He has significant experience in working with the ATO and in controversy matters. Matt holds an LLB, BComm and LLM. Matt is a Solicitor of the Supreme Court of NSW.
- Current at
30 September 2015