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

1   Section 35-5

Repeal the section, substitute:

35-5 Entitlement to refund

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

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 you. Division 3 of Part IIB allows the Commissioner to apply the amount owing as a credit against tax debts that you owe 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.