Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 142.10

Refunding the excess GST

                   For the purposes of each * taxation law, so much of the excess from subsection 142-5(1) (the excess GST ) as you have * passed on to another entity is taken to have always been:

                     (a)  payable; and

                     (b)  on a * taxable supply;

until you reimburse the other entity for the passed-on GST.

Note 1:       If you reimburse the passed-on GST so that this section ceases to apply there will be an adjustment event under paragraph 19-10(1)(b) or (c). You will have a decreasing adjustment (see section 19-55) and the other entity may have an increasing adjustment (see section 19-80).

Note 2:       Any excess GST you have not passed on will be refunded as described in section 155-75 in Schedule 1 to the Taxation Administration Act 1953 .

Note 3:       While this section applies, paragraph 11-5(b) (about taxable supplies) is satisfied for the corresponding acquisition by the other entity.



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