Select Luxury Items Tax Act

Marginal note:Net tax — obligation

• 57 (1) Every person that is required to file a return under section 55 must, in the return, determine the net tax for the reporting period of the person for which the return is required to be filed.

• Marginal note:Determination of net tax

  (2) Subject to this Act, the net tax for a particular reporting period of a person is, for the purposes of this Act, the positive or negative amount determined by the formula

  (A − B) + C

  where

  A

  is the total of all amounts, each of which is an amount of tax (other than tax under section 20) that becomes payable by the person in the particular reporting period;

  B

  is the total of all amounts, each of which is an amount of a rebate under Subdivision A of Division 4 payable by the Minister in respect of a reporting period and that is claimed by the person in the return under section 55 for the particular reporting period; and

  C

  is a prescribed amount.

• Marginal note:Requirement to pay

  (3) If the net tax for a reporting period of a person is a positive amount, the person must pay that amount to the Receiver General on or before the day on or before which the return for the reporting period is required to be filed.

• Marginal note:Rebate of net tax

  (4) If the net tax for a reporting period of a person is a negative amount, the person may claim in the return for the reporting period the amount of that net tax as a rebate for the reporting period payable to the person by the Minister. The Minister must pay the rebate to the person with all due dispatch after the return is filed.

• Marginal note:Restriction — rebate of net tax

  (5) The Minister is not required to pay a rebate under subsection (4) to a person unless the Minister is satisfied that all information, that is contact information or that is information relating to the identification and business activities of the person, to be given by the person on any application for registration made by the person under this Division has been provided and is accurate.

• Marginal note:Restriction — rebate of net tax

  (6) A rebate under subsection (4) is not to be paid to a person at any time unless all returns of which the Minister has knowledge and that are required to be filed at or before that time by the person under this Act, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, Part 1 of the Greenhouse Gas Pollution Pricing Act, the Underused Housing Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• Marginal note:Interest on rebate of net tax

  (7) If a rebate for a reporting period of a person is paid to the person under subsection (4), interest at the specified rate is to be paid to the person on the rebate for the period that begins on the day that is 30 days after the later of the day the return in which the rebate is claimed is filed with the Minister and the day following the last day of the reporting period and that ends on the day the rebate is paid.