07 Oct 099 GST Administration: Exposure Draft Legislation released
In a media release issued on 6 October 2009, the Assistant Treasurer, Senator Nick Sherry, announced the release for public comment of the first set of legislation aimed at making it simpler for business owners to carry out their GST obligations.
The Bill includes the following GST administration measures:
- broadening the operation of the GST agency provisions;
- introducing a bulky goods refund system for residents of Australia's external territories;
- clarifying the Commissioner's power to recover overpaid refunds;
- imposing a four-year limit on claiming input tax and fuel tax credits;
- clarifying the GST law concerning gambling supplies to persons outside Australia;
- clarifying the interaction of the associate rules with other GST provisions; and
- increasing the adjustment note threshold.
Consultation closes on Tuesday 27 October 2009.
For a copy of the Minister's media release, No 2009/066, 6 October 2009, go here
For a copy of the Exposure Draft and supporting documents, go here