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Navigating the running balance account rules

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Published on 01 Jun 20 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The running balance account (RBA) rules in Pt IIB of the Taxation Administration Act 1953 (Cth) provide for a system of recognising and recording tax debts, credits and payments between taxpayers and the Australian Taxation Office. The law is currently in the unusual state of awaiting the outcome of two appeals by the Commissioner of Taxation against decisions concerning the RBA rules. The first relates to overpayments of GST from a taxpayer to the Commissioner (FCT v Travelex Ltd). The second relates to what the Commissioner says are administrative overpayments from the Commissioner to a tax agent (DCT v MWB Accountants Pty Ltd). Although these cases are unrelated, they involve common themes, and a number of important conclusions may be drawn from them about the current state of the RBA rules. They also provide guidance and practical considerations for tax practitioners who are advising on these issues.

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Mark Gioskos
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