Thursday, 17th August 2017
2:59:am in Sydney
26
June
2013

Taxpayers to determine whether entitled to a refund of GST

Wednesday, 26 June 2013

A Bill has been introduced into Australia's House of Repesentatives which clarifies the circumstances in which overpaid GST will be refunded by the Australian Taxation Office.  The proposed amendment to the law will apply where GST has been overpaid, due to mischaracterisation of a supply as being subject to GST or where a miscalculation has occurred.  In most cases, taxpayers will be allowed to determine whether or not they are entitled to a refund of overpaid GST.  If these new provisions operate to disallow a GST refund, the Commissioner of Taxation will still be able to exercise a discretionary power in exceptional circumstances to make the refund payment.  To read the text of the Tax Laws Amendment (2013 Measures No 4) Bill 2013, click here.

 

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