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13 Jun 07 Simplified GST Accounting Bill 2007 introduced

On 13 June 2007, Tax Laws Amendment (Simplified GST Accounting) Bill 2007 was introduced into the House of Representatives. The Bill amends the A New Tax System (Goods and Services Tax) Act 1999 to enable the Commissioner of Taxation to extend simplified goods and services tax accounting methods to more small businesses and other entities with an annual turnover of less than $2 million.

The amendments are to apply from 1 July 2007. The measure was announced in the 2007-08 Budget - see the Treasurer’s Press Release No 038 of 8 May 2007, referred to in 2007 TAXVINE No17 (18) (8 May 2007).

For a copy of Tax Laws Amendment (Simplified GST Accounting) Bill 2007, go here

For a copy of the Explanatory Memorandum, go here

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