New rules regarding GST refunds and payment by instalments
Friday, 31 May 2013
On 28 May 2013, the House of Representatives passed without amendment a Bill which includes new rules regarding GST refunds and payment by instalments. More specifically, entities which currently pay their GST liability by instalments will be affected. The changes will allow such entities to elect to continue to pay their GST liability by instalments even in circumstances where the entity becomes entitled to a refund of GST. The instalment option was first introduced in 2001 to ease the compliance burden on small businesses. The Explanatory Memorandum in relation to the relevant Bill (Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013) can be found here.