Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 51.60

    If the * assessed net amount relating to one or more * GST joint ventures for a tax period is less than zero, the Commissioner must, on behalf of the Commonwealth, pay that assessed net amount (expressed as a positive amount) to the * joint venture operator of that GST joint venture or those GST joint ventures.

Note 1:   See Division   3A of Part   IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay the operator. Division   3 of Part   IIB allows the Commissioner to apply the amount owing as a credit against tax debts that the operator owes to the Commonwealth.

Note 2:   Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in refunding the amount.