Calculation of tax payable or refund due

(1) The GST payable by, or the refund due to, a person in respect of a tax period is calculated in accordance with the following formula, A-B where, A is the total output tax payable by the person in relation to supplies made by the person during the tax period, plus any additional amounts required by this Act to be included in the output tax for the period; and B is the total input tax credits allowed to the person under section 32 in respect of that tax period, plus any additional 51 amounts allowed by this Act to be included in the input tax for the period. (2) Notwithstanding that the output tax in respect of a tax period may be less than the allowable input tax credits, or may be nil, the full amount of the allowable input tax credits is nevertheless deductible, with the effect that, in respect of that period, a refund is due.