Contact UsCan someone help clarify if an extension to accessing the GST instalment payment system has become legislation?
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Tax Professional Answers
Anthony Campisi
The legislation now allows GST instalment payers who move into a net GST refund position to have continued access to the GST instalment system.
When a GST instalment payer moves into a net GST refund position, their instalment amount each quarter will automatically become zero and they will remain in the GST instalment system until they elect a different GST reporting method. The changes apply from the first quarterly tax period starting 1 July 2013.
I hope this assists you as it is very timely, given its commencement July 1, 2013.
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556 weeks ago
When a GST instalment payer moves into a net GST refund position, their instalment amount each quarter will automatically become zero and they will remain in the GST instalment system until they elect a different GST reporting method. The changes apply from the first quarterly tax period starting 1 July 2013.
I hope this assists you as it is very timely, given its commencement July 1, 2013.