A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 15   Consequential amendment of indirect tax law

A New Tax System (Goods and Services Tax) Act 1999

4   Section 51-60

Repeal the section, substitute:

51-60 Refunds relating to GST joint ventures

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

Note 1: See Division 3A of Part IIB and section 39 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.