The Assistant Treasurer on Fri 17.8.2012, released draft legislation on the proposal to clarify the circumstances in which the restriction of GST refunds applies to overpayments of GST and allows taxpayers to self-assess their entitlement to a GST refund by reference to ascertainable criteria. He said the same criteria will also apply for refunds relating to miscalculations of GST payable on a supply.
Further, Mr Bradbury said the approach contained in the draft legislation is consistent with recent amendments to introduce a self-assessment system for indirect taxes. The proposal will apply when working out net amounts for tax periods commencing on or after Fri 17.8.2012.
COMMENTS are due by 14 September 2012.
Source: Assistant Treasurer’s media release No 086, 17 August 2012
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