Roberts and Cowling

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R&C Overview arrow News arrow Expect Faster GST Refunds
Expect Faster GST Refunds
Small business can now expect faster GST refunds as a result of changes to ATO practices following a decision in the Full Federal Court between the Commissioner of Taxation v Multiflex Pty Ltd.

The ATO can no longer hold onto GST refunds beyond a reasonable time for administrative processing of a refund.The slow processing can have severe impacts on a business’s cash flow and as such this is a welcome change particularly to the development / building industry. The ATO had already anticipated an adverse outcome and was improving its response time on processing GST refunds.

The ATO can no longer hold back a refund for verification purposes but can issue an amended assessment if it is warranted.The ATO was not granted Special Leave by the High Court to have this case reheard. This case represents a major blow to its administrative practices regarding refunding of GST payments.