The Tax Laws Amendment (2014 Measures No 1) Bill 2014 was introduced into the House of Reps on Thur 27.3.2014. It contains the following amendments:

  • GST excess refunds – the Bill proposes to amend the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. The amendments would allow taxpayers to determine their entitlement to a refund of excess GST rather than having to rely on the Commissioner exercising a discretion to refund an overpaid amount of GST. DATE OF EFFECT: The amendments are proposed to apply generally in working out the net amount for a tax period starting on or after the day following Royal Assent of the Bill.

[FJM note:     This is the Bill that inserts new Division 142 into the GST Act.]

[LTN 59, 27/3/14]