Publication date: 05 Aug 99 |
Source: THE TAX INSTITUTE
The Taxation Institute of Australia is very concerned by the trend to put vital details into regulation rather the main Tax Acts.
"The effect of putting issues vital for the understanding of the operation of both the GST and the proposed Pay-As-You-Go (PAYG) system into regulation is that they are not available to assist the business community ready itself for the challenges ahead," according to Taxation Institute of Australia Tax Director, Mr Michael Dirkis.
"For example the regulations for the GST are not expected until October. Contained in these regulations are essential details such as the form of a Tax Invoice. How can business start modifying their invoices and start setting up systems if the form of the invoice is unknown?" Mr Dirkis said.
The Taxation Institute have identified similar examples on the production side - for example the size of a GST free water container still need to be specified in the regulations.
"How can business plan for changes in demand if fundamental details are yet to be announced. Business need these details now, not in three months time!" he said.
"Although the placement of such vital information in regulations may be useful (be it artificial) way of reducing the size of the Tax Act, and may serve the purpose of excluding certain measures from full parliamentary debate and scrutiny, but it does not serve business, their advisers or the public who need such information now."
"Without this information in place, start up on 1 July 2000 will be a disaster!" Mr Dirkis said.