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

Schedule 2   Correcting errors in working out amounts under indirect tax laws

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

1   Subsection 17-20(2)

Repeal the subsection, substitute:

(2) The matters must relate to correction of errors:

(a) that were made in working out *net amounts to which subsection (2A) applies; and

(b) that do not relate to amounts:

(i) that have ceased to be payable by you because of section 105-50 in Schedule 1 to the Taxation Administration Act 1953; or

(ii) to which, because of section 105-55 in that Schedule, you are not entitled.

Note: Paragraph (2)(b) will be repealed on 1 January 2017: see Part 2 of Schedule 1 to the Indirect Tax Laws Amendment (Assessment) Act 2012.

(2A) This subsection applies to a *net amount for a tax period (the earlier tax period ) if:

(a) the earlier tax period precedes the tax period mentioned in subsection (1); and

(b) if the earlier tax period started on or after 1 July 2012 - the tax period mentioned in subsection (1) starts during the *period of review for the *assessment of the *net amount.