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25 Nov 09 2009 GST Administration Measures Bill introduced

On 25 November 2009, Tax Laws Amendment (2009 GST Administration Measures) Bill 2009 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends the A New Tax System (Goods and Services Tax) Act 1999 (the GST Act), the Fuel Tax Act 2006, the ITAA 1997 and the Taxation Administration Act 1953 to require that input tax credits and fuel tax credits are claimed within a four-year period. This measure applies to GST returns and assessments lodged or issued after 7.30 pm (Australian Eastern Standard Time) on 12 May 2009 and revisions to GST returns and revised assessments issued or made after this time. It also applies to returns and assessments for the purposes of fuel tax law and amendments to these returns and revised assessments issued or made on or after 1 July 2010.

SCHEDULE 2 to the Bill amends the GST Act and the A New Tax System (Wine Equalisation Tax) Act 1999 to allow residents of Australia’s External Territories (such as Norfolk, Cocos (Keeling) and Christmas Islands) to claim refunds of GST, or GST and subsequently wine equalisation tax (WET) under the tourist refund scheme if they can show proof that the goods have been exported to their External Territory within the required time after the goods were acquired. The scheme will apply to goods purchased on or after 1 July 2010.

SCHEDULE 3 to the Bill amends the GST Act to increase the range of entities entitled to act as a principal for GST accounting purposes. The amendments allow entities that facilitate supplies or acquisitions for another to utilise these simplified accounting procedures, subject broadly to the principal and intermediary agreeing that the intermediary will take responsibility for using these accounting procedures in relation to certain transactions. The amendments are intended to reduce the compliance costs of GST accounting where paying agents, billing agents and other transaction facilitators are used by a principal. The amendments apply to supplies and acquisitions by intermediaries made on or after 1 July 2010.

SCHEDULE 4 to the Bill amends the GST Act to clarify how a gambling operator’s margin is calculated where the supplies made by the operator are GST-free. The amendments exclude from total monetary prizes amounts that the gambling operator is liable to pay out on supplies (bets) that are GST-free. This will mean that the prize money that the gambling operator is liable to pay to entities outside Australia will be excluded from total monetary prizes (because supplies made to entities outside Australia are GST-free). The amendments apply to monetary prizes that the operator is liable to pay during or after the first quarterly tax period commencing on or after Royal Assent.

SCHEDULE 5 to the Bill amends the:

  • GST Act so that an overpaid refund under section 35-5 of that Act is treated as an amount due and payable from the date of the overpayment;
  • A New Tax System (Luxury Car Tax) Act 1999 so that an overpaid refund under section 17-5 of that Act is treated as an amount due and payable from the date of the overpayment; and
  • Fuel Tax Act 2006 so that an overpaid refund under s 61-5 of that Act is treated as an amount due and payable from the date of the overpayment.

Schedule 5 applies from the start of the first quarterly tax period after Royal Assent.

SCHEDULE 6 to the Bill amends the GST Act to ensure the GST treatment of a supply to an associate without consideration is as an input taxed supply, a GST-free supply, or a financial supply where appropriate. The proposed amendments also ensure that a supply to an associate that would be a sale (or some other particular kind of supply) if made for consideration will be taken to be such a supply despite there being no consideration. Similarly, an acquisition from an associate that would be by way of sale (or some other particular means) if consideration was provided will be taken to be such an acquisition despite there being no consideration. These provisions take effect from the date of Royal Assent.

For a copy of the Bill, go here

For a copy of the Explanatory Memorandum, go here

 


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