Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_16:p36
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 16 (pt 36/58)
Character Range: 728857–731553

for the importation if the importation had been a taxable importation.

141‑10  Meaning of tradex scheme goods etc.
 (1) Tradex scheme goods are imported goods that:
 (a) are nominated goods (within the meaning of the Tradex Scheme Act 1999) in relation to a *tradex order; and
 (b) were covered by item 21A in Schedule 4 to the Customs Tariff Act 1995 at the time of their entry for home consumption under the Customs Act 1901.
 (2) Tradex order has the meaning given by section 4 of the Tradex Scheme Act 1999.

141‑15  Attribution of adjustments under this Division
 (1) An adjustment under this Division is attributable to the tax period in which the adjustment arises.
 (2) This section has effect despite section 29‑20 (which is about attributing your adjustments).

141‑20  Application of Division 129
  This Division does not affect the operation of Division 129 (which is about changes in the extent of creditable purpose).

Division 142—Excess GST

Table of Subdivisions
142‑A Excess GST unrelated to adjustments
142‑B GST related to cancelled supplies
142‑C Passed‑on GST

142‑1  What this Division is about
      Excess GST is not to be refunded if this would give an entity a windfall gain.
Note: Refunding excess GST to a supplier will give it a windfall gain if it has already passed on the excess GST in the price of the supply (and not reimbursed the recipient).

Subdivision 142‑A—Excess GST unrelated to adjustments

142‑5  When this Subdivision applies
 (1) This Subdivision applies if, after disregarding any amounts covered by subsection (2), your *assessed net amount for a tax period takes into account an amount of GST exceeding that which is payable.
Note: This Subdivision applies whether or not you have paid, or been refunded, the assessed net amount.
Example: Sunny Co mistakenly reports a negative net amount of $4,000 made up of GST of $10,000 less input tax credits of $14,000. In fact, Sunny Co's GST should have been $8,000 making its negative net amount $6,000. Sunny Co has excess GST of $2,000.
 (2) Disregard the following amounts:
 (a) an amount of GST that was correctly payable and attributable to the tax period, but which later becomes the subject of a *decreasing adjustment;
 (b) an amount of GST that is payable, but is correctly attributable to a different tax period;
 (c) an amount of GST to which section 142‑16 (about low value goods) applies.

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