267Offset of overpaid amounts

267 Offset of overpaid amounts (1) This section applies if an authorised person pays a sum to the Commissioner in respect of a period that is greater than the total amount of duty chargeable on each instrument, or on the transactions effected or evidenced by each instrument, endorsed by the authorised person during that period because the authorised person— (a) miscalculated the amount of duty with which an instrument or transaction is chargeable; or (b) made a mistake adding up the total of all amounts endorsed on the instruments. S. 267(2) amended by No. 26/2007 s. 110(b). (2) The authorised person may reduce the sum payable in respect of the next or a subsequent period (being a period within 5 years after the date on which the overpayment was made) by the amount overpaid. (3) An authorised person who reduces an amount under this section must lodge a statement with the Commissioner at the time of making the reduction giving details of the overpayment. (4) If the overpayment was caused by miscalculating the amount of duty chargeable on an instrument or transaction, the authorised person— (a) must re-endorse the instrument in the approved manner with the correct amount of duty; and (b) if the authorised person has charged to, or recovered from, another person an amount in respect of the overpayment—must reimburse that person for the amount charged or recovered.