Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 54.65

    If an entity has a * GST branch and the * assessed net amount relating to the * GST branch 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 entity.

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