19 Mar 12 GST classification of food and beverage items - PS LA 3541 (draft)
On 15 March 2012, the ATO released draft Practice Statement PS LA 3541 entitled "GST classification of food and beverage items".
The draft practice statement sets out:
- the arrangement the Australian Taxation Office (ATO) has with GS1 Australia to ensure food and beverage items shown on GS1net are correctly classified for GST purposes
- the administrative approach the ATO will take for past years or periods where manufacturers and other suppliers have relied on the ATO confirmed GST classification on GS1net, and
- the procedures for tax officers to follow and matters to take into account when considering a change in the GST treatment of a food or beverage item listed on GS1net.
Comments are due by 13 April 2012.
When finalised, the date of effect of the Practice Statement is 1 July 2010.