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12 Jun 08 Board of Taxation to review GST compliance costs for business

In a media release issued on 11 June 2008, the Assistant Treasurer, Chris Bowen, announced that he has asked the Board of Taxation to review the legal framework for the administration of the GST including Labor's BAS Easy.

"I have asked the Board of Taxation to consult with stakeholders, including small and large businesses, professional bodies and State and Territory Governments, and to report back to me by the end of December 2008."

The focus of the review will be on streamlining and improving the operation of the GST; reducing compliance costs; and removing anomalies.

The Board of Taxation had before it a reference to review the application of the income tax self-assessment principles to other taxes administered by the Taxation Commissioner, including the GST. The Assistant Treasurer said that the Board will instead undertake this review of the legal framework of the GST. The Board's findings on the GST may then inform any consideration of the application of the self-assessment principles to other taxes.

For a copy of the Assistant Treasurer's media release, No 2008/41, 11 June 2008, go here

For more information, go here

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