14Refunds for tax paid on excluded debits

14 Refunds for tax paid on excluded debits

(1) Subject to this section, where, upon application made by a person in accordance with this section, the Commissioner is satisfied that tax has been paid by a financial institution under this Act in respect of an excluded debit made to a taxable account, the Commissioner shall: (a) pay an amount equal to the amount of that tax to the person; or (b) apply an amount equal to the amount of that tax against any liability of the person to the Commonwealth and refund any part of that amount not so applied. (2) An application may be made under this section: (a) if the tax has been recovered by the financial institution that paid the tax from an account holder—by that account holder; or (b) if the tax has not been so recovered—by the financial institution that paid the tax. (3) Application under this section for a payment in relation to an amount of tax paid shall be in writing in a form approved by the Commissioner and shall be made: (a) in a case to which paragraph (2)(a) applies—not later than 3 years after the day on which that tax was recovered; or (b) in a case to which paragraph (2)(b) applies—not later than 3 years after the day on which the tax was paid. (4) A person making application for a payment under this section shall furnish such information as the Commissioner requires in connection with his consideration of that application. (5) Where: (a) an application has been made under this section for payment of an amount in respect of tax paid by a financial institution; and (b) the Commissioner is not satisfied that the tax was paid in respect of an excluded debit made to a taxable account; he shall cause notice in writing of his decision in relation to the application to be served, by post or otherwise, on the person by whom the application was made.