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Taxation Institute of Australia welcomes GST simplification

Publication date: 12 Oct 01 | Source: THE TAX INSTITUTE

Despite improvements to the BAS in February, small business has continued to struggle under a paperwork nightmare in respect of both GST calculations, and in calculating their income for PAYG purposes. As some low income taxpayers are still unable to take advantage of the February changes we would recommend further simplification of the PAYG regime as well.

Further, the Tax Institute hopes that the Labor Party's proposed changes to GST exemptions and classifications will be extended to provide like concessions to both charities and other medical service providers.

Ms McCleary notes that there are also ranges of other changes needed to make the GST a lesser burden for business. These are set out in the Taxation Institute's recent GST submission, which was sent to all major political parties (copy attached). The Taxation Institute also supports the proposal for a GST Review Committee to drive the necessary reforms.