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Navigating the running balance account rules
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.
Author profile
Mark Gioskos
Mark Gioskos, FTI, specialises in taxation and revenue law. He has extensive experience in Federal, State and Territory tax and commercial matters and has acted for governmental, public and private entities and individuals. Mark is a Senior Fellow of Melbourne Law School, The University of Melbourne, where he teaches within the Melbourne Law Masters program. He serves as a member of the Tax Bar Association committee and The Tax Institute's Victorian State Council. He holds a Master of Laws from The University of Melbourne and is a Fellow of The Tax Institute. Mark was named as a winner of the Australasian Lawyer 2022 Rising Star awards. He has authored several journal articles and is a regular presenter at conferences and seminars. - Current at 08 May 2024
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