In a media release issued on 14 December 2009, the Assistant Treasurer, Senator Nick Sherry, announced the release for public comment of a second tranche of GST draft reform legislation.
The draft legislation implements 2 further recommendations made by the Board of Taxation in its review of GST administration, namely:
- clarifying that input tax credits can be taken into account in later tax periods; and
- allowing GST adjustments for third party payments.
"I encourage anyone with an interest in improving the administration of the GST to look at the proposed legislation and provide their views," the Assistant Treasurer said.
Consultation closes on Monday 18 January 2010.
For a copy of the Minister's media release, No 2009/108, 14 December 2009, go here
For a copy of the draft legislation and draft Explanatory Memorandum, go here