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

Chapter 2 - The basic rules  

Part 2-1 - The central provisions  

Division 7 - The central provisions  

7-15   Payments and refunds  

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The amount * assessed as being the * net amount for a tax period is the amount that the entity must pay to the Commonwealth, or the Commonwealth must refund to the entity, in respect of the period.

For payments and refunds (and GST returns), see Part 2-7 .

Note 1:

For assessment of net amounts, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:

Refunds may be set off against your other liabilities (if any) under laws administered by the Commissioner.

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History

S 7-15 amended by No 39 of 2012, s 3 and Sch 1 items 32 to 34, by substituting " amount *assessed as being the *net amount " for " *net amount " , inserting Note 1 and substituting " Note 2 " for " Note " , applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012.

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