Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:15_5
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 15 cl 5
Character Range: 312208–312996

5  Section 54‑65
Repeal the section, substitute:

54‑65  Refunds relating to GST branches

  If an entity has a *GST branch and the *net amount relating to the *GST branch 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 entity.

Note 1: See Division 3A of Part IIB and section 39 of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay the entity. Division 3 of Part IIB allows the Commissioner to apply the amount owing as a credit against tax debts that the entity 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.