Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 51.60

                   If the * net amount relating to one or more * GST joint ventures for a tax period is less than zero, the Commissioner must, on behalf of the Commonwealth, pay that net amount (expressed as a positive amount) to the * joint venture operator of that GST joint venture or those GST joint ventures.

Note 1:       See Division 3A of Part IIB of, and section 105-65 in Schedule 1 to, the Taxation Administration Act 1953 for the rules about how the Commissioner must pay the operator. Division 3 of Part IIB allows the Commissioner to apply the amount owing as a credit against tax debts that the operator owes to the Commonwealth.

Note 2:       Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in refunding the amount.