On 17 August 2012 Treasury Released an Exposure Draft of legislation for public consultation dealing with refunds of overpaid GST. The legislation repeals the discretion in s 105-65 of Schedule 1 to the TAA and introduces Division 36 into the GST Act which does not provide any discretion but simply provides when refunds will (and will not) be payable, which will allow taxpayers to self-assess their entitlements to refunds.
The amendments are to apply to tax periods commencing on or after today, effectively meaning monthly tax periods starting 1 September and quarterly tax periods starting 1 October.
Submissions were due by 14 September 2012. On 26 February 2013 the Assistant Treasurer released a second tranche of draft legislation for public consultation. My page outlining that draft legislation can be accessed here.
Links to documents
- Exposure Draft legislation can be accessed here.
- Explanatory Memorandum can be accessed here.
- The Submissions lodged with respect to the draft legislation can be accessed here.
My analysis of these provisions can be accessed here.