The Tax Laws Amendment (2014 Measures No 1) Bill 2014 has passed the House of Reps without amendment and now moves to the Senate.

The Bill proposes to:

  • amend the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. [This involves introducing a new Division 142 into the A New Tax System (Goods and Services) Act 1999 to further limit the capacity of taxpayers to recover overpaid GST compared with the existing s105-65 of Schedule 1 to the Taxation Administration Act 1953].
  • It also proposes to amend the ITAA 1997 and the Banking Act 1959 to improve the operation of the Farm Management Deposit (FMD) Scheme.

[LTN 91, 14/5/14]