14 Sep 099 Consultation on GST administration reforms
In a media release issued on 11 September 2009, the Assistant Treasurer, Senator Nick Sherry, announced the release of a second consultation paper on reforms to GST administration aimed at improving the operation of the tax law.
The announced measures implement recommendations made by the Board of Taxation in a report to the Government last year.
The key components of the package of reforms include:
- harmonising the GST law and the income tax self-assessment and rulings regimes;
- adopting more principled and flexible GST grouping rules;
- simplifying the GST adjustment provisions; and
- reforming the GST treatment of sales of going concerns and farmland.
The second discussion paper includes GST self-assessment, adjustments, general law and tax law partnerships, bare trusts and running balance accounts. The majority of the measures will apply from 1 July 2010.
The closing date for submissions is Friday 9 October 2009.
For a copy of the Minister's media release, No 2009/050, 11 September 2009, go here
For a copy of the second consultation paper, go here