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

86   Section 114-15

Repeal the section, substitute:

114-15 Payments of amounts of assessed GST where security for payment of customs duty is forfeited

(1) If:

(a) a circumstance relating to goods is an importation of the goods into Australia because of an item of the table in section 114-5; and

(b) security has been given under the Customs Act 1901 for payment of *customs duty in respect of the goods; and

(c) the security is forfeited;

any *assessed GST payable on the importation is to be paid when the security is forfeited.

(2) This section has effect despite section 33-15 (which is about payments of amounts of assessed GST on importations).