26 Sep 08 Submission to the Board of Taxation’s Review of the Legislative Framework for the Administration of GSTThe Taxation Institute lodged a major submission with the Board of Taxation in respect of its review of the legislative framework for the administration of GST (see 2008 TAXVINE No 29 (11) (18 July 2008)) on Friday 19 September 2008. Our submission was prepared by leading GST experts on our GST Subcommittee - Gina Lazanas FTIA, Chair (Baker & McKenzie, NSW), Melanie Baker FTIA (Allens Arthur Robinson, Vic), Andrew Howe FTIA (Greenwoods & Freehills, NSW), Ian Jeffrey FTIA (PricewaterhouseCoopers, Vic), Suzanne Kneen FTIA (Blake Dawson, Vic), Matthew Nicholls FTIA (Ernst & Young, SA), Andrew Nutman FTIA (Deloitte Touche Tohmatsu, Vic), John Oesterheld FTIA (Deloitte Touche Tohmatsu, WA), Michael Patane FTIA (Deloitte Touche Tohmatsu, Qld), Damian Welshe FTIA (Damian Welshe & Associates, Qld), Craig Whatman FTIA (Pitcher Partners, Vic) and Lachlan Wolfers FTIA (KPMG, NSW).
The Taxation Institute's submission brought the Board’s attention to a number of areas where the GST regime does not work as well as it ought to in the international, property and financial services’ sectors, as well as the general administration of the GST. Amongst its 30 recommendations, the Taxation Institute has identified 11 high priority issues that should be addressed immediately to streamline and improve the operation of the GST, reduce compliance costs and remove existing anomalies.
For a copy of the submission go here.