Indirect Tax Laws Amendment (Assessment) Act 2012 (39 of 2012)

Schedule 1   Assessment of amounts under indirect tax laws

Part 1   Amendments commencing on 1 July 2012

Division 3   Other amendments

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

67   Subsection 35-5(2)

Repeal the subsection, substitute:

(2) However, if:

(a) the Commissioner amends the *assessment of your *net amount; and

(b) your *assessed net amount before the amendment was less than zero; and

(c) the amount that, because of the assessment, was:

(i) paid; or

(ii) applied under the Taxation Administration Act 1953;

exceeded the amount (including a nil amount) that would have been payable or applicable had your assessed net amount always been the later assessed net amount;

the amount of the excess is to be treated as if:

(d) the excess were an assessed net amount for the tax period; and

(e) that assessed net amount were an amount greater than zero and equal to the amount of the excess; and

(f) despite Division 33, that assessed net amount became payable, and due for payment, by you at the time when the amount was paid or applied.

Note: Treating the excess as if it were an assessed net amount has the effect of applying the collection and recovery rules in Part 3-10 in Schedule 1 to the Taxation Administration Act 1953, such as a liability to pay the general interest charge under section 105-80 in that Schedule.