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14 Sep 09 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

 


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