Your shopping cart is empty

In the 2011-2012 Budget the government announced that it will extend the current GST instalment system to allow access for small businesses that are in a net refund position. A discussion paper was released for public consultation on 6 June 2011. As a result of submissions the measure was altered to allow only those businesses already using the instalment system to continue to use it if they move into a net refund position.

On 5 November 2012 the Treasury released for further consultation an exposure draft of the proposed legislation.

The exposure draft package includes the draft legislation and explanatory memorandum allowing businesses in a net refund position to continue to use the GST instalment system, and is the basis for consultation.

The closing date for submissions is Tuesday, 4 December 2012.

The proposed amendments will enable those small business taxpayers who are paying their GST by instalments, and who subsequently move into a net refund position to continue to use the GST instalments option if they wish to do so.

The proposed amendments will also provide that taxpayers who move into a net refund position and who wish to continue to pay GST by instalments receive an instalment amount each quarter of zero.

Small business taxpayers who are currently not using the instalment option and are already in a net refund position will remain ineligible to pay their GST by instalments while they remain in a net refund position.

Media Release Search
Eg. TD 2005/D52 ALL words EXACT phrase WITHOUT words Date range
From To