A New Tax System (Goods and Services Tax) Act 1999
51‑60 Refunds relating to GST joint vent51‑60 Refunds relating to GST joint ventures
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51‑60 Refunds relating to GST joint ventures
If the *assessed 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 assessed 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 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.